Looks the goods...in a good sector with baby boomers. Maquarie and UBS backing it.
Gateway Lifestyle provides affordable living solutions to Senior Australians and, on IPO completion, will be one of Australia’s largest fully integrated Manufactured Housing Estate (“MHE”) Operators. Gateway Lifestyle commenced operations in 2009 when the CEO of the Company, Trent Ottawa, acquired the first MHE on behalf of the initial syndicate. On completion of the Offer, Gateway Lifestyle will own 36 MHEs housing approximately 6,000 residents across Queensland, New South Wales and Victoria.
OFFER INFORMATION
Column 1
Column 2
Column 3
0
Low
High
1
EV/EBITDA multiple range
11.5x
12.0x
2
FY16E EBITDA
$46.1m
$46.1m
3
Implied EV
$529.7m
$552.7m
4
Net Debt
$42.4m
$42.4m
5
Implied Market Capitalisation
$487.3m
$510.3m
6
FY16E NPAT
$41.4m
$41.4m
7
Implied price / earnings multiple
11.8x
12.3x
8
Implied FY16E distribution yield
6.40%
6.20%
9
Offer size:
After conclusion of the Rollover Facility and application of the scaleback policy, the IPO Offer size is expected to be between approximately $375 million and $385 million based on the lower and upper ends of the indicative valuation range
10
Offer Price:
A$2.00 per new Security
11
Selling restrictions
Actively market and procure applications under the Offer from Your Australian resident retail clients, who for the avoidance of doubt include sophisticated investors and professional investors under section 708(8) and section 708(11) of the Corporations Act and wholesale clients under section 761G(7) of the Corporations Act and who in each case are not in the United States (as defined in Regulation S under the U.S. Securities Act).
12
Bookrunner
Macquarie Capital and UBS AG (Ord Minnett is a Co-Manager)
