If we apply a multiple of 21.6 on DuPont's business, it puts the enterprise value at $25 billion. So being conservative and using a 20 times multiple, DuPont's water business could have an enterprise value of $7.2 billion. Add these three up and the total enterprise value is about $52 billion. To get the equity value, we subtract the net debt (which is total debt minus cash) from the total enterprise value. If we subtract this from the $52 billion enterprise value, the total equity value could be worth $46.2 billion.

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Persons: Ed Breen, DuPont's, Breen, —, Jim Cramer's, Jim Cramer, Jim, Dow DuPont, Adam Jeffery Organizations: DuPont, Electric, United Technologies, CNBC, Dow