From memory, and I might be wrong because I cant find it, IFT put out a presentation where they valued all their subsidiaries, and in particular noted a EBITDA multiple for NZBus which is one of the few investments they have that is recorded at historical cost and has no identifiable market value or industry comparatives.

Does anyone remember that presentation and can point me to it?
Does anyone have a market value for NZBus and how have you valued it?