The increase in market cap related to PLS should be the same for FIS adn AMW. If AMW's value goes up $10 million, so should FIS's.
As all warrants and options are likely in the money, we should look at the fully diluted share count so that we can see what FIS's share price rise should be in relation to AMW's share price rise..
Per January presentations of both companies:
AMW has 24.6 million shares fully diluted, whiel FIS has 161.8 million shares fully diluted. FIS has 6.6 times as many shares as AMW.
If AMW goes up 20 cents like this morning, FIS should go up 3 cents (20/6.6).
One can then work out if one is undervalued in relation to the other.