Our bull case reaches as high as 950p if management were to sell trophy assets (the FT and FT.com would be worth 850 million pounds on a multiple of 8.0 times peak earnings before interest, tax and amortization), return 1.75 billion pounds of cash and bring Pearson's sub-standard margins (11.8% in 2004) up to industry norms of 17% (our 2008 forecast is 14%).
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