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Extension of offer, page-7

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Dejavoo

1,981 Posts.

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10/11/15

12:31

Post #: 16360769
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Originally posted by Trader3437 ↑

They picked up alot more than I thought.

Revenue for the first quarter of 2016 was up significantly on the first quarterr of 2015. EBITDA margins appeared weak but they were weak in 1Q2015 as well so possibly just seasonality, and should improve

Even when you plug in conservative assumptions such as sales growth in line with GDP and current margins I struggle to get a DCF valuation lower than 88c. To reach a value of 63c you would need to assume a decline in sales/margins.

Initially I was expecting ABI to raise their offer price or a competing takeover offer.
However now that they have 46% both seem unlikely. An extension is probably the go.

Bit of a change in tune from management since the offer, wanting to keep their jobs post TO?
Will be stoked if they just stay a "key shareholder" but doesn't seem likely.

Maybe pragmatic case of keeping your enemies close.
Its nuts that Coloseum could pick up so many shares so cheaply, not logical!!?

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PGR Price at posting: 61.0¢ Sentiment: None Disclosure: Held
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