Sounds like they are moving along with acquisition
http://stocknessmonster.com/news-ite...S=ZEL&N=270550
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Sounds like they are moving along with acquisition
http://stocknessmonster.com/news-ite...S=ZEL&N=270550
Yes ; it sure feels good to be in a share hitting a new high amidst the gloom:t_up:. Synergies better than expected; confident of positive com com decision by early Dec.
The company expected 03/2017 underlying eps post-merger of 46c.
To this add an extra $10m synergies, and $24m of 'better Z performance' as announced today.
Take off tax and divide by post-takeover shares on issue of approx 430m.
Add also unaccounted-for NZR dividends of $20m.
Gives 56 cps - workings below.
PE ratio of, say, 12-16 for an established well run non-cyclical business.
Gives a valuation range of approx $7-$10.
And $4-$6 if the t/o fails.
Simplified Z valuation post Chevron takeover SOI post takeover 2) 429.84 ul EPS mar17 post t/o 2) 0.46 Extra $10m synergies 1) 0.017 Better Z performance 24m from 2017 1) 0.040 Est ul EPS to 31/3/17 0.517 NZR dividends 0.046 31/3/17 est ul EPS 0.563 1) https://www.nzx.com/files/attachments/221242.pdf 2) p12 https://www.nzx.com/files/attachments/214141.pdf 3) 41cps FI *48m shares held / 430m SOI
I remember Rod Oram saying ZEL will be worth re half as much again if this goes thru or something like that. Thanks banter; holding tight atp. Management extremely confident of a yes from comcom.JT
Infratil/super fund selling their stakes. Anyone buying from Craigs? I decided not to.
Superfund still keeping 10% i heard. How much are they ,re $6?. Int they sold before the deal was done on Caltex.The s/p will rise higher .Creates a little doubt about comcoms decision.
Not the best of timing to buy into a float with Mr Market threatening to morph into a Bear with claws.......but its a good time to exit at a top price..eh?.. $6.00 - $6.20 will be the market price floor (support) during the process...It would be interesting to see what would happen if NZSE suffered another down wave during the process ..could we see the ZEL drop below is book build price??....Whatever the outcome the market will see this as "Smart Money" exiting.
Infratil and NZ Super to sell Z shares
You will also have seen in the Media today that Carters have shelved their float due to poor market conditions
During the process - wont the process be done and dusted by COB today?
The question must be asked why IFT are selling. They have held onto 20% of Metlife so they cant say it is standard operating procedure. Likewise they cant say they need the cash as I though they were swimming in it at the moment, unless they have a big purchased lined up.
ift say at a presentation I attended a couple mths ago they would sell z as it was a mature investment for them and they are looking to invest funds in growth assets