I think it will trade somewhere between $2.80 and $3.50, but who knows! If it trades below $2.80, i'll have a closer look as it is a great business. The exciting bit for me is the reliable cash flows with digital penetration still so low. This is going to be the favourite of the two TAH parts!
$2.80 per share would be 12 x EBITDA
$3.50 per share would be 15 x EBITDA
It has been geared like an infrastructure company. Debt level is pretty substantial at $2.2B, so it should not trade at too high of an EBITDA multiple.
20c offer price, page-3
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