Brand value is something completely different to the Forbes valuation. I've no idea how they come to that.
ADUG sold 13% of CFG to the Chinese group, valuing the whole group at £2bn. So that's the equity value of the whole group and as we have no debt, that's effectively the Enterprise Value as well.
Forbes recognised that and they've clearly valued City on some sort of pro-rata basis. It seems we're valued at about 2/3rds of the value of the whole group but they haven't explained on what basis that was arrived at. Possibly it was on the basis of relative revenue.
