I said Enterprise Value. And no way Fannie Mae even at 100 B shares post privatization is ever 5 cents a share.
Not possible. Dilution isn't gonna be an issue.
EDIT: not arguing just saying dilution for the forward value of this beast as a private company in sync with a homebuilders next super cycle of growth and the lending/buying of mortgages/securitized for profits repeat can go on a loooong time.