An RBC Capital markets valuation puts Canaccord between $12.75\u002D$15.75 a share, as much as 40% more than the offer of $11.25 a share. Read on
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But the RBC valuation pegs the company’s “sum of the parts” worth, including its valuable wealth management division, much higher. The wealth business, with nearly $35 billion in assets under administration, is given a valuation of $810 million to $941 million, or of $7.75 to $9 per share, according to regulatory documents filed Monday.
In its offering document, the management group says, for example, that the valuation applied to the wealth business assets “significantly differs from applicable historical transactions in Canada” and from published research on the company. As a result, the RBC valuation overstates the real value by between $377 million and $508 million.
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