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Ann: Bingo Sale of Banksmeadow Facility, page-16

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alfred137

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25/09/19

18:55

Post #: 40573219
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Originally posted by sabine: ↑

There were other non core assets beyond Banksmeadow included in that figuring ?
And that AFR story (from September 9 ) was actually expecting $50M from the sale.... so it was on target after all.

“Banksmeadow contributes about $10 million a year to Bingo's EBITDA and is likely to be worth about $50 million. Field Research analyst Stewart Oldfield told clients to expect such a deal on Monday.

Such a transaction would likely be accompanied by some supply agreement between Bingo and Banksmeadow's new owner, subject to approval by the Australian Competition and Consumer Commission which is watching closely.

It comes one year after Bingo struck a $577.5 million deal to acquire Dial A Dump and six months after the deal received ACCC approval, subject to Banksmeadow's sale.

The ACCC's concern was that Bingo and its target had a strong grip on building and demolition waste in Sydney's eastern suburbs and inner city, via their assets at Banksmeadow and Alexandria.

Bingo told investors last month it expected to return as much as $80 million in excess capital from the sale of non-core assets and Banksmeadow...”

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really? 5x EBITDA?? yes, its real cheap.

BIN Price at posting: $2.15 Sentiment: Buy Disclosure: Held
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