SOTP Valuation - 70% stake in subsidiary

Hey guys,

I was asked to perform a SOTP valuation for a case study. There is this company with multiple divisions, which I separately valued using trading multiples. Now this company also holds a 70% stake in a publicly listed company. How do you take this into account? Can I take the EV of 100% of the subsidiary and subtract minority interests or do i just take the 70% of total EV? In the latter case, do I have to apply a control premium?

Many thanks!

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