Shapna's (Isfahan Oil Refining) Tehran Stock Exchange market cap, based on its last recorded trade, is about 472 trillion tomans (roughly $2.6 billion at today's rate). Rebuilding a refinery of the same capacity from scratch, using global refinery cost benchmarks, could cost $7.5 to $13.1 billion, meaning the market prices this asset at only 20 to 35 percent of its estimated replacement value.
