AWR Lloyd conducted an evaluation of a multi-billion dollar Asian energy conglomerate’s share price based on DCF and market multiples analysis. The study revealed both a significant discount to fair value and to peer multiples. We conducted a parallel ‘Market Signals Analysis’ involving fund manager interviews to help assess the reasons for the discounts. We advised on potential takeover defense strategies and recommended group restructuring measures, a share buy-back, an ESOP scheme and improvements to the company’s investor relations disclosure and communication programme. We also recommended a spin-off of the company’s power business via a separate listing. The client has implemented some of our recommendations and is considering implementing others.