In response to the news, the broker has retained its speculative buy rating with a heavily reduced price target of $2.00. This implies potential upside of 48% for investors over the next 12 months.The broker explains that it now values Pointsbet shares with a sum of the parts model. It ascribes a 72 cents per share valuation to the Australian business and a modest 8 cents per share valuation to the Canadian business. The balance reflects the proposed capital return from the US business sale. It explains:Following this announcement we move to a sum-of-the-parts valuation and assume the sale of the US business proceeds and $1.085 – the mid point of the range – is returned to shareholders. On top of that we assume a A$220m valuation for the Australian business ($0.72 per share), a token A$25m valuation for the Canadian business (A$0.08 per share) and cash of $35m ($0.11 per share). This equates to a valuation of $2.00 per share which is a 31% decrease on our previous valuation of $2.90. At a $2.00 valuation the expected return is still >30% so we retain our BUY (Spec.) recommendation.
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- Ann: PointsBet Enters Agreement to Sell US Business
Ann: PointsBet Enters Agreement to Sell US Business, page-153
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46.5¢ |
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Mkt cap ! $152.8M |
Open | High | Low | Value | Volume |
46.5¢ | 47.5¢ | 46.5¢ | $188.6K | 403.1K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 173825 | 46.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
47.0¢ | 271280 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
7 | 173825 | 0.465 |
10 | 307545 | 0.460 |
3 | 7598 | 0.455 |
13 | 76378 | 0.450 |
1 | 1500 | 0.445 |
Price($) | Vol. | No. |
---|---|---|
0.470 | 271280 | 3 |
0.475 | 49753 | 4 |
0.480 | 16206 | 7 |
0.485 | 145556 | 3 |
0.490 | 6383 | 3 |
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