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SSNC valuation

|Includes:SS&C Technologies Holdings, Inc. (SSNC)

Just wondering on the valuation of SSNC, back of the envelope calculations:

Assume multiple: 22
Earnings: $19 --> $27 (with some portion of debt retired)
Shares outstanding: approx $70 million 
I come up with $8.58 and they are pricing the shares at $14?

Anyone with other comments?

Disclosure: long ssnc

Stocks: SSNC