KKR PREPARES BID, page-14

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Benjamins

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30/03/17

09:43

Post #: 23728758
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Originally posted by Roy2U ↑

One thing is for sure, if KKR are seriously planning a takeover offer, they will be very thankful that Glaucus has targeted QIN.

Valuebuddy 89 is spot on with his valuation, in my opinion. I would even add additional value for the business of managing the forests for the other owners of the plantations, which KKR would continue managing. This aspect of QIN's business is a cracker: no possible competitors, locked in customers, growing forests etc. Management fees have increased by 60% in 2 years to June 2016 and continue to grow rapidly as forests expand and fee rises are implemented. What value would one put on such a business, which is already earning $28.8M revenue in FY16, and predicted $35M in FY17?

I am with JID here, and would be very disappointed with $1.70 in any takeover. All of those who contributed equity to develop this business are being short changed now that the business is within five years of maturity.

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And not very happy with FW jumping ship and talking up a takeover offer with a partner which moves the price up. I'm not sure KKR or anyone would like to pay more than necessary. I wonder what the 3 brokers who have >$3 price targets think of all this. If they like the story they should be buying every single share for their clients. Has anyone seen any updates from them?

QIN Price at posting: $1.13 Sentiment: None Disclosure: Not Held
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KKR PREPARES BID, page-14

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