How to build an enterprise value model for PLAN - 2 Step 2.
Based on the valuation approach described in the previous post, the 6 components have the following Net Asset allocation (or share of Book Value/Shareholder Equity):
1. APL Operations $8,964,623
2. APL Land holdings (note 1) $1,541,429
3. Mineral properties $1,372,888
4. Exploration and evaluation assets $1,209,050
5. Private companies $ 892,500
6. R&D expenditures (note 2) nil
TOTAL $13,980,490
Note 1: The APL land holding acquired by PLAN are Fair Valued (by appraisal) as at the date of acquisition at $7,911,000, representing over 50% of the price paid for the APL shares ($13,517,376). I have assigned the Long Term Debt taken on to pay the APL purchase price (now $6,369,571) as being directly related to the land acquired.
Note 2: I am assuming from various news releases that there may well be building and equipment assets dedicated to the Company's R&D efforts. Unfortunately these are not separately disclosed in the financial statements so I have not been able to break these out - all plant and equipment assets are therefore assigned to the APL operating business.