Fannie Mae-No Politics (FNMA)

[MarketGeometry]

It's not correct. You can't divide by just the total common shares. Senior preferred own 79.9% of the company.
Remaining 20% is own by junior preferreds + common. You have to see out of that 20% what % common shareholder own. Say common own 3% of the company(example). You divide 54/(% ownership of common).
54/33.33 (example) is 1.62 the book value for common shares.( 3% of $54 = 1.62)