PGINVIT impairment of investments in subsidiaries and book value

I did my own valuation which includes projection of future cash flows. Sharing the details below. Key assumptions:
(i) Non-interest expenses overall (blended) will escalate at ~5%.
(ii) Assumptions pertaining to discount rate and terminal value are indicated in the calculations below.

My PGINVIT valuation.pdf (76.4 KB)

Look forward to other views. DM me if you want the excel sheet in order to redo the calculation as per your own assumptions.

Disclosure: Invested. Possibly biased.