Nexus Energy, the next takeover target
Posted by BBY on 24 August 2011
Shell's proposed joint cash offer for Bow Energy (A$1.435, -0.3%) at A$1.48ps, is at 67% premium to BOW's previous closing price (A$0.885ps), we feel a similar situation could potentially occur for Nexus Energy (A$0.205, +13.9%).
Santos (A$11.32, -3.7%) recently offered a A$0.90ps (to mop up the remainder of Eastern Star Gas (A$0.76, -2.6%) it did not own) which was at 51% premium to ESG's close of A$0.595ps on 15 July 2011.
While far from certain, a potential opportunistic bid for NXS based on a similar "premium" would imply a NXS share price of about A$0.30ps - i.e. cheap. We doubt whether investors would cave in on this hypothetical scenario given we think NXS is worth more than this. Our valuation is A$0.74ps with a Strong BUY recommendation.
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23.5¢ |
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Mkt cap ! $68.54M |
Open | High | Low | Value | Volume |
22.0¢ | 23.5¢ | 21.5¢ | $46.14K | 206.3K |
Buyers (Bids)
No. | Vol. | Price($) |
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4 | 130676 | 21.5¢ |
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Price($) | Vol. | No. |
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23.5¢ | 19533 | 2 |
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No. | Vol. | Price($) |
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3 | 110676 | 0.215 |
2 | 24100 | 0.210 |
3 | 69518 | 0.205 |
8 | 227250 | 0.200 |
2 | 24000 | 0.195 |
Price($) | Vol. | No. |
---|---|---|
0.235 | 19533 | 2 |
0.250 | 3501 | 2 |
0.270 | 4776 | 1 |
0.275 | 12350 | 1 |
0.285 | 75660 | 1 |
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