Equity stub valuation with JVs / Associates

Hello,

am looking at an example where a company has a number of JVs and associates and goal is to calculate the value of the stub.

A company owns 80% of JVs worth 100m due to a recent deal with an investor, has 10m in net cash, the JVs are valued at 5m on the balance sheet, the current market cap is 150m, total EBIT is 5m and the pre-tax income from JVs is 1m. There is also PP&E worth 10m.

So I calculated the following:

-> Equity value = 0.8*100 for JVs + net cash 10m + 0 for JVs on balance sheet as recently valued in a transaction = 90m

-> Stub value = market cap 150m - equity value 90m = 60m

-> Implied EV/EBIT = (stub 60m - net cash 10m) / (EBIT 5m - profit from JVs 1m) = 12.5x

Is that the right way to look at it?

If at all, how should the net PP&E be accounted for? Would argue not accounting for it as company going concern and not being liquidated.

Thank you