Subject: Re: BN and BAM valuations
I think you're still using the wrong share count for the new BAM. Its market cap at a per-share price of $27.10 comes to $44.6b only if you assume 1640m shares, which is the count of the parent, not the spinout. At 412m shares, which should be approximately correct for the spinout (1:4), the market cap is $11.2b.


$11.2B sounds way too low. I think the 75% kept by the parent are also shares outstanding and part of the market cap. Even though only 25% of the shares are trading publicly.