Rolling Stock PBM

Game: 3 (full) – Turn: 11 – Phase: 2 (form corporations)

(players in player order)

name	cash	value	companies
Richard	$109	$129	–	–	–	–	–	–	–	*1	–	–	–
Georg	$93	$117	–	–	*1	–	–	–	–	–	–	–	–
Dirk	$37	$158	RCC[71]	–	–	–	–	–	*1	–	–	–	–
Ocki	$31	$114	OPC[70]	–	–	*1	–	–	–	–	–	–	–
Björn	$79	$121	–	*1	–	–	–	*2	–	–	–	–	–
			Shares owned by bank	7	5	4	–	4	4	6	–	–	–
			Shares issued in total	8	6	5	–	6	5	7	–	–	–
			Share price	$12	$24	$13	–	$15	$50	$20	–	–	–
			Treasury	$17	$29	$15	–	$5	$114	$48	–	–	–
			Income	+$2	+$5	-$2	–	+$30	+$21	+$17	–	–	–
			Book value	$71	$151	$73	–	$104	$253	$186	–	–	–
			Market capitalization	$96	$144	$65	–	$90	$250	$140	–	–	–

Available for auctions:
- MM[75] ($38–$112) +$25
  - +$8: LHR[54] FRA[58]
  - +$16: LE[90] TSI[100]
- RU[85] ($43–$123) +$25
  - +$8: HA[47] HH[48] HR[49]
  - +$16: OPC[70] RCC[71] TSI[100]
- AL[86] ($43–$124) +$25
  - +$8: HA[47] HH[48] HR[49]
  - +$16: OPC[70] RCC[71] TSI[100]
- TSI[100] ($50–$140) +$25
  - +$16: OPC[70] RCC[71] MM[75] VP[80] RU[85] AL[86] LE[90]
Drawn but not available for auctions: –
In the deck: game end card
Cost of ownership: -$10 -$10 -$10 -$10
Closed companies: BME[1] BSE[2] KME[5] AKE[6] BPM[7] MHE[8] BY[13] OL[14] HE[15] SX[16] MS[17] PR[19]

(in share price order)

President: Dirk
Share price: $50 (max payout per share: $16) — 5 shares issued
Treasury: $114
Income: +$21 (base income: +$43 — synergy bonus: +$8 — cost of ownership: -$30)
Book value: $253 — market capitalization: $250
Needs at least $275 book value (-$22) for target share price $60 ("double jump").
Needs at least $250 book value (+$3) for target share price $55 ("single jump").
Needs at least $225 book value (+$28) for target share price $45 ("single drop").
Otherwise, target share price is $41 ("double drop").
Companies:
- NS[21] ($11–$27) +$6
  - +$2: OL[14] PR[19]
  - +$4: B[22] DR[29] E[43] HA[47] HR[49]
- SJ[30] ($15–$42) +$12
  - +$4: BSR[40]
- BSR[40] ($20–$54) +$10
  - +$4: DSB[20] PKP[23] DR[29] SJ[30] HH[48]
- HH[48] ($24–$70) +$15
  - +$4: DSB[20] PKP[23] DR[29] BSR[40]
  - +$8: RU[85] AL[86]

President: Georg
Share price: $24 (max payout per share: $8) — 6 shares issued
Treasury: $29
Income: +$5 (base income: +$33 — synergy bonus: +$12 — cost of ownership: -$40)
Book value: $151 — market capitalization: $144
Needs at least $156 book value (-$5) for target share price $28 ("double jump").
Needs at least $144 book value (+$7) for target share price $26 ("single jump").
Needs at least $132 book value (+$19) for target share price $22 ("single drop").
Otherwise, target share price is $20 ("double drop").
Companies:
- WT[11] ($6–$14) +$3
  - +$2: BD[12] BY[13] SBB[26] DR[29]
- BD[12] ($6–$15) +$3
  - +$1: BME[1]
  - +$2: WT[11] HE[15] SNCF[24] SBB[26] DR[29]
- SNCF[24] ($12–$30) +$6
  - +$2: BD[12]
  - +$4: B[22] SBB[26] DR[29] RENFE[32] FS[37] E[43] HA[47] CDG[56]
- SBB[26] ($13–$33) +$6
  - +$2: WT[11] BD[12]
  - +$4: SNCF[24] KK[25] DR[29] FS[37] CDG[56] FRA[58]
- HR[49] ($25–$71) +$15
  - +$4: NS[21] B[22] DR[29] E[43]
  - +$8: RU[85] AL[86]

President: Richard
Share price: $20 (max payout per share: $6) — 7 shares issued
Treasury: $48
Income: +$17 (base income: +$43 — synergy bonus: +$4 — cost of ownership: -$30)
Book value: $186 — market capitalization: $140
Needs at least $154 book value (+$32) for target share price $24 ("double jump").
Needs at least $140 book value (+$46) for target share price $22 ("single jump").
Needs at least $126 book value (+$60) for target share price $18 ("single drop").
Otherwise, target share price is $16 ("double drop").
Companies:
- B[22] ($11–$28) +$6
  - +$2: PR[19]
  - +$4: NS[21] SNCF[24] DR[29] E[43] HA[47] HR[49]
- RENFE[32] ($16–$45) +$12
  - +$4: SNCF[24] MAD[45]
- FS[37] ($19–$51) +$10
  - +$4: SNCF[24] KK[25] SBB[26]
- HA[47] ($24–$69) +$15
  - +$4: NS[21] B[22] SNCF[24] E[43]
  - +$8: RU[85] AL[86]

President: Björn
Share price: $15 (max payout per share: $5) — 6 shares issued
Treasury: $5
Income: +$30 (base income: +$30 — synergy bonus: +$0 — cost of ownership: +$0)
Book value: $104 — market capitalization: $90
Needs at least $96 book value (+$8) for target share price $18 ("double jump").
Needs at least $90 book value (+$14) for target share price $16 ("single jump").
Needs at least $84 book value (+$20) for target share price $14 ("single drop").
Otherwise, target share price is $13 ("double drop").
Companies:
- MAD[45] ($23–$67) +$15
  - +$4: RENFE[32]
  - +$8: FR[60] VP[80] LE[90]
- LHR[54] ($27–$77) +$15
  - +$4: BR[33] E[43]
  - +$8: FR[60] MM[75] VP[80] LE[90]

President: Ocki
Share price: $13 (max payout per share: $4) — 5 shares issued
Treasury: $15
Income: -$2 (base income: +$18 — synergy bonus: +$0 — cost of ownership: -$20)
Book value: $73 — market capitalization: $65
Needs at least $70 book value (+$3) for target share price $15 ("double jump").
Needs at least $65 book value (+$8) for target share price $14 ("single jump").
Needs at least $60 book value (+$13) for target share price $12 ("single drop").
Otherwise, target share price is $11 ("double drop").
Companies:
- KK[25] ($13–$32) +$6
  - +$2: BY[13] SX[16]
  - +$4: PKP[23] SBB[26] DR[29] FS[37] FRA[58]
- BR[33] ($17–$46) +$12
  - +$4: E[43] LHR[54]

President: Björn
Share price: $12 (max payout per share: $4) — 8 shares issued
Treasury: $17
Income: +$2 (base income: +$18 — synergy bonus: +$4 — cost of ownership: -$20)
Book value: $71 — market capitalization: $96
Needs at least $104 book value (-$33) for target share price $14 ("double jump").
Needs at least $96 book value (-$25) for target share price $13 ("single jump").
Needs at least $88 book value (-$17) for target share price $11 ("single drop").
Otherwise, target share price is $10 ("double drop").
Companies:
- PKP[23] ($12–$29) +$6
  - +$2: SX[16] MS[17] PR[19]
  - +$4: KK[25] DR[29] SŽD[31] BSR[40] HH[48] FRA[58]
- SŽD[31] ($16–$43) +$12
  - +$4: PKP[23]