If you were to work the formula backwards to try and establish a price were PCFG is becoming overvalued, you would start with a Valuation Ratio close to 1.
I’ll work with .75 to be conservative.
MC=VR * NAV
MC= .75 * $4,416,420,000
MC= $3,312,315,000
Now…
MC = OS * SP
MC/OS = SP
$3,312,315,000 / 780,883,827 os = $4.24
Therefore, IF according to this formula, PCFG was ¾’s of the way to being Over Valued, it’s Share Price would be $4.24….
That’s if my math is o.k…. :-)
SG