You have been asked to value shares of a conglomerate, AAA Corp, using a sum$-$of$-$theparts framework. In addition to its core business, AAA Corp owns equity stakes in two

separate, publicly$-$traded companies: BBB Corp. and CCC Corp.

You elect to estimate the value of AAA$$s shares as the sum of the following components:

$$ The value of the equity of AAA$$s core business, including its net cash position;

$$ The market value of AAA$$s $20\%$ equity stake in BBB Corp;

$$ The market value of AAA$$s $30\%$ equity stake in CCC Corp.

You gather the following information on AAA Corp. and its equity investments in BBB

Corp. and CCC Corp.:

$$ AAA$$s shares are currently trading for $$49\mathrm{.}41$ per share;

$$ EBITDA from AAA$$s core business for the most recent year was $$0\mathrm{.}8$ billion;

$$ The total market capitalization of BBB Corp. is $$52$ billion;

$$ The total market capitalization of CCC Corp. is $$180$ billion;

$$ AAA has net cash of $$4\mathrm{.}4$ billion on its balance sheet;

$$ AAA has $900$ million shares outstanding.

To estimate the value of the equity of AAA$$s core business, you apply an $8$x multiple to

its EBITDA for the most recent year, and then add the company$$s net cash $($cash $$ debt$)$

position. $4.)$ What is the value of the total equity of AAA$$s core business and its net cash position? $5.)$ What is the combined market value of AAA$$s stakes in $6.)$ Using your answers to questions $4$ and $5,$ what is the per$-$share value of AAA based on

a sum$-$of$-$the$-$parts valuation methodology? BBB Corp. and CCC Corp.?