Subject: Re: Book Value
I am using page 4 shareholder's equity without minority interests divided by shares out. Are others also coming up with 248.7ish per b share? That's not what I have. Have you seen a number in one of the articles? The only one I saw was Barrons and they had 244 per b share (closer to what I have).


The trouble with page 4 is that it gives you the average shares in the quarter (2,170,387,690), where we presumably want the exact number on Sep 30. You can get the Sep 30 number on p. 23, Note 19, where they say there were 573,335 A shares and 1,308,316,593 B shares, or 1500*A+B=2,168,319,093 B-equivalents by my calculation.

Using the p.3 number of shareholders equity (without minority interests), i.e. $525,330 million, I get 525330000000/(1500*573335+1308316593)=$242.28

So there's another number to add to the confusion, but that is how I would do it.

DTB