Originally Posted by
mistaTea
Ok, yes I see.
So maybe as part of the Balance Sheet analysis for establishing one lens of intrinsic value…you do a couple of scenarios.
1. The worst case, it’s all gone to Hell…deduct the 70% ORA that would not be retained…(as unlikely as it may be)
2. The more ‘realistic’ case where, long term, that ‘liability’ is never actually paid out, and so we do not deduct anything.
And so you then end up with a range of NTA, from which you can compare current market cap + bank debt.