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Taxed, put on a multiple of 10 and offset by the expected $500 million of one-off costs, these are worth less than $2 billion after adjusting for the five-year delay before they materialize in full.
BP trades on a multiple of six.
Wall Street tends to value a company's stock on a multiple of its future expected profits.
Integrated firms trade on a multiple of about nine times 2011 earnings.
Put that on a multiple of seven times earnings, and Citi should be worth $43 a share.
Facebook, an obvious benchmark, now trades on a multiple of about 20 times its last 12 months of sales.
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Since 1997, Cadbury has spent $5.1 billion on beverage acquisitions, paying on average a multiple of 11 times earnings before interest, taxes and depreciation.
Banc of America also reiterated a price target of $50 on Starbucks, a multiple of 36 times 2006 estimated earnings.
Barlow figures it's worth $7.7 billion on its own, a multiple of 15 times operating income (Ebitda, that is).
In fast-growing companies, the evidence exists that return on equity has been a multiple of return on debt.
The current set of three-year agreements generates £1.4bn, a multiple of 4.375 on the 2006 figure.
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