i was trying to work out my working valuation of FJP using the IPO price of its affiliate pointwest technologes (POINT) as my benchmark and here was what i came up with using POINT @ IPO p/e and @ 1/2 IPO p/e ...
fjp a and b shares: fjp-a: 292,610,118 and fjp-b: 189,217,535
market cap of both a and b shares @ 6 nov. prices: 2.086 billion pesos
fjp owns 30% of pointwest tech @1.00 par: 412.5 million pesos
fjp market cap minus pointwest shares = 1.6735 billion pesos
fjp market cap plus pointwest shares @IPO price of 4.35 = 1.6735 b + 1.7944 b = 3467.9 b
fjp price per share @ pointwest price of 4.35 = 3467.9 b / 481.8 = 7.1978 (hypothetical price)
assume pointwest @ 1/2 IPO p/e :
fjp price per share = 1,6735 billion pesos + 900 m = 2.5735 billion pesos / 481.8 = 5.34
