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Record

Noa 10% equity value against book redteam, Forbes 2026 list vs Mar 2026 carrying (assumed)

Forbes 2026 list vs Mar 2026 carrying (assumed)

EstimateOur model or estimate. Treat it as an order of magnitude.

The values

  • Forbes EV $ m: 2,350
  • Debt to value: 0.11
  • Equity $ m: 2,092
  • 10pct ¥ m: 31,283
  • Book assumed ¥ m: 1,500 to 2,000
  • Unrecognised ¥ m: 29,283 to 29,783

Where it comes from

Our calculation from other figures in the trainer’s notes:

Show the working
  1. 0.10 × 2,350 × (1 − 0.11) × 149.57 = 31,283
  2. Book ≈¥1.5–2.0bn = retained 10% at ≈¥1.3–1.4bn in Aug 2016 plus 10% of later results (assumed)
  3. Unrecognised 31,283 − 2,000..1,500 = 29,283–29,783
  4. Before

Where it’s used

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