RE:RE:RE:Harvard Biz School case study...with emphasis on BS The Tufropes option for Paladin was extended to match the May 9th expiration of the Bozzetto option, as per Aimia's annual finanial statement filed yesterday.
I see now Jefferies lowered price target from $5.25 to $4.50 but don't have access to that report either.
My $5 per share NAV is based on Bozzetto + Starchem being worth what Aimia paid ($283 mil.), and Tufropes + Cortland being worth what Aimia paid ($282 mil., more of a question mark now I realize, but again, India is trading at 20x EBITDA, small caps even higher) + Clear Media being worth what Aimia paid ($75 mil.) + $59 mil. in holdco cash and securities which altogether = $700 mil., minus $62 mil. net debt at the subs minus $165 mil (my estimate of net present value (at 10% discount rate) of the dividends to be paid over the next 10 years on the $230 mil. preferreds which are perpetual (no maturity, so not a liability at face value and thus not shown on balance sheet, unless one assumes a near term wind-down) = $473 mil. / 94.6 mil. shares = $5 per share. Assumes Kognitiv worth $0.