my valuation of nhr... the sum of parts

National Hire and Carlyle Group acquired all Coates shares for $6.59 cash per share.The offer comprised $6.06 a Coates share in cash, plus a fully franked special dividend of 53c.

My back of envelope valuations are:

1-NHR assets transferred into NED=$1.845
plus 47% of $6.06 cash paid=$2.85
VALUATION1=$4.70

2-NHR assets transferred into NED=$1.845
plus Coates market to market as at 30/6/2011
337.114m/148,487,945 shares=$2.27
VALUATION2=$4.12

Average of the 2 valuations=$4.41 ( 4.70 + 4.12)/2

NOTE: they have purchased Monash Hire,Sykes Group(50m)and Tru Blu Hire all for about 100m=67c per share so that pushes the value to a ranges $4.79 to $5.37 way higher than the meesly $3.00 to $3.60

ANYONE WHO ACCEPTS THE CURRENT BID BY SVW HAS GOT ROCKS IN THEIR HEADS,IMHO

its worth at least 4 not something with a 3 in front of it

DYOR!

HOLDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDD