The theoretical value of a company is the present value of all future cash flows that will accrue to shareholders.

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That figure covers all compensation except the theoretical value of stock options.

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Then you subtract from that the REIT's total mortgages and other debt obligations to arrive at a theoretical liquidating value.

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Last year, Mr Ebner spotted that shares in Investor were trading at a 30% discount to the group's theoretical net asset value.

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Jonathan Ostry, an economist at the IMF, reckons there is a theoretical case for limiting capital inflows to prevent a surge in currencies above fair value.

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