FYI
UBS valued BBP on a sum-of-parts methodology at $1 at the end of November. However their target share price was well below this due to uncertainty over debt covenants/carbon trading ($0.25).
Mac Bank was lower at between 20-30 cps (NPV/PE multiples) - however they have ceased coverage. UBS is the most recent.
One big positive for BBP is that most of the brokers factored in big discounts for carbon trading (one had a 10% discount on assets). The actual carbon trading plan released by Rudd was much more favourable than expected. UBS for example estimates that for every $100m in cash compensation to BBP is worth $0.14 per share.
It is probably unlikely that BBP will accept a full takeover given that any takeover will be at depressed prices given they are forced sellers. Likely scenario is a sale of some assets - probably retail.
broker valuation
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