Dell Technologies shares soared in late trading after The Wall Street Journal reported that the company has hired advisors to consider options for the company's 81% stake in the enterprise-software company VMware.A transaction would be intended to address the valuation disparity between Dell and its large VMware (VMW) holding. Dell closed Tuesday's regular session with an equity-market valuation of about $36 billion; its VMware stake at the close was worth about $50.6 billion. Dell has about $48.3 billion in long-term debt, much of it dating back to the company's $67 billion acquisition of EMC in 2016. Dell also holds an 86% stake in SecureWorks (SCWX), a position worth about $810 million. In late trading, Dell shares had spiked 18.6%, to $58.14. VMware shares jumped 9.1%, to $162.73.

Based on your estimate in (1) and (2) what is the value of Dell as a stand-alone business (not counting its holding of VM Ware)? What are some of the reasons for this low valuation for Dell as a stand-alone company?