Morrison and Co. out of PRP auction with Crescent wanting 12.7-14x EBITDA for the group. Good call I say, plenty of others around on smaller multiples. IDX currently trading on 8.19x and CAJ 8.51x EBITDA.
As of the AGM (25th August), Infratil had NZ$482.2m in cash, with an addition pending inflow of $510m (Vodafone Towers). RetireAus still up for sale, hoping to realise NZ$550m for that transaction or say NZ$500m post fees, tax etc. Therefore, total available liquidity of NZ$1,492.2m excluding undrawn bank facilities for Infratil.
IDX and CAJ market caps are AU$612.4m and AU$349.9m respectively. Let's add an additional 20% on each as a takeover premium:
IDX +20%: AU$734.88M = new EBITDA multiple of 9.82x
CAJ +20%: AU$419.88M = new EBITDA multiple of 10.22x
Total consideration from IFT = NZ$1,277.26 (AU$1,154.76). Significantly cheaper than PRP and exposes the trans-tasman diagnostic imaging platform directly into VIC, while consolidating QLD and NSW markets. Post both transactions, Infratil would have avilable liquidity of NZ$214.94 cash + NZ$906.3m in undrawn bank facilities. Enough to seriously consider some battery storage opportunities!
Cheers,
Dalto24
Morrison and Co. out of PRP auction with Crescent wanting...
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