The following figures are taken from Dewie Co's statement of financial position.
$m
Goodwill
150
Non-current tangible assets
500
Net current assets
125
10% bond
75
Unsecured mezzanine debt
50
Ordinary shares of $1
5% $1 preferred shares
25
Reserves
Using the net assets basis of valuation, what is the value of an ordinary share?
$ ________
The correct answer is: $3.80 per share.
Company valuation = 500 + 125 - 75 - 50 - 25 = $475 million
Value per share = 475/125 = $3.80
Goodwill is excluded from this calculation.
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