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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47.0¢ |
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Mkt cap ! $154.4M |
Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
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1 | 21505 | 47.0¢ |
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Price($) | Vol. | No. |
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48.0¢ | 51444 | 2 |
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13 | 78497 | 0.460 |
7 | 124500 | 0.455 |
24 | 254558 | 0.450 |
6 | 42360 | 0.440 |
Price($) | Vol. | No. |
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0.480 | 51444 | 2 |
0.485 | 40000 | 2 |
0.490 | 53248 | 2 |
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