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Hi Charles,  
 
Happy New Year! May you have a Meh~ year!   
 
I took the operating cashflow before working capital ($63m) and minus off interest expense ($2.6m) and tax paid ($7.5m). The answer works out to be around $52.9m :)  
 
I did a mistake on the calculation of MOS for BreadTalk as I use ‘Price’ as my base denominator.Sorry for the mistake. In fact, your margin of safety is far more accurate than mine. Thanks for spotting my mistake and you should stick to your MOS!