good ol' sum of parts - we've flogged it to death, but worth remembering:
Ex-AM: Our lovely suitor KKR sees value in corp + wealth @ $2.2bn PDL AM: PPT purchased PDL for $2.6bn PPT AM: legacy PPT AM when you strip away the above probably had a market cap of $1bn
sum of parts implies: $2.2bn KKR bits, $2bn ex PDL AM (post writedowns) + $1bn PPT legacy AM = $5.2BN implied value
I, for one, would happily take $30, which is a market cap (110m SOI) of $3.3bn + $0.7bn debt = $4bn Transaction which is still a $1.2bn discount on the above.....
really shows the deep discount we're priced at right now, barely hanging onto an EV of $3bn (debt + equity)!
PPT Price at posting:
$20.96 Sentiment: None Disclosure: Held
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