Walk through a simple sum-of-the-parts valuation with numbers: Segment A has $200m EBITDA (industrial peers at 8x), Segment B has $100m EBITDA (software peers at 12x), unallocated corporate costs are -$50m, and net debt is $350m.

Value each segment on its own peer multiple: A = $200m x 8x = $1,600m; B = $100m x 12x = $1,200m. Capitalize the unallocated corporate costs at a blended multiple - roughly 9x here - for a deduction of about $450m. Implied EV = $1,600m + $1,200m - $450m = $2,350m. Subtract net debt: implied equity value = $2,350m - $350m = $2,000m. Judgment calls to flag: the multiple used to capitalize corporate costs, whether to apply a conglomerate discount to the sum (the market rarely pays full SOTP for a company that stays together), and taxes or dis-synergies if the thesis assumes separation.