I have been following these discussions with interest and have attempted to create my own model of PGC's NTA in a publicly editable Google doc. Feel free for all to edit, play around and hopefully improve it!
I still need to verify a few assumptions, specifically regarding the $30m loan from PGC to BSH or was it a $27m loan going the other way?
PGC NTA Model
Interestingly, shocking my model with different assumptions doesn't seem to make a lot of difference. The NTA per share of PGC seems to be between 50 and 56 cents about a 50% discount from the current share price. Which is about what other analysts and sites have.
The key drivers for the share price in the short/medium term clearly are:
- BSH share price
- Whether there is another higher bid for PGW