This is a simple math, Please enlight me if you think I am wrong
GNW has around 16 billion equity, if we take out 2 billion intangable asset, then the net equity would be 14 billion.
Suppose GNW sold all its unit at 40% of its equity(some units could get much higher price), then they can fetch 5.6 billion dollar, also they could claim 8.4 billion dollar lost, they the tax benefit for the 8.4 billion is worth 2.5 billion assume 30% tax rate. .
So in all, the company could be easily worth 8 billion if it choose to liquidate. Which is worth $16/share.
The math is not bad. However, the tangible bookvalue of $24-$25 indicates the company is worth more. Also does not consider that the wealth management division is probably worth more then what they show it on their books. JMHO.
If you look at their equity interest for the canadian insurance operation, they could easily get 70% of the book value if they want.
Also, For US mortgage operation, once they start to make money year, then the division is very valuable and it could easily fetch the book value for the division. Compare with RDN/MTG, GNW is much more conservative for the reserve. Just look at HOW MTG been traded right now.