If we disregard all these and just focus on SIAFs remaining 18.3% stake in TRW (disregarding speculations of increased ownership in TRW) we can take your valuation of TRW-shares of $23 and use that as an estimate for SIAF post-distribution as well
Assuming no discount (which a holding company will have), SIAFs liabilities, no more dilution (which we will have), but also disregarding possible buybacks and all the other divisions that is.
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