First half profit was $41.4M, so adding $65M for second half gives $105M (not $145M). This assumes that any appreciation in PRC shares is not taken to book - there is over $30M in potential profit there right now.
Having noted a few recent valuations I worked through my own figures again and came up with ...
Code:
Cash...... 21 cps
Tax ...... 4 cps
Licences.. 5 cps
Kupe...... 30 cps
Pike...... 41 cps
Tui....... 84 cps
---
185 cps
The Kupe figure is a totally unsubstantiated guess - I simply do not have enough information to work out anything reliable, so have taken what I believe to be a very conservative figure.