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clock Created with Sketch. 20/04/15
17:55
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Originally posted by SP007
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Straight from the PIGS mouth... September 2012..."The combined EBITDA of the Australian, New Zealand and Canadian business units amounts to $23.4 million. If these business units were sold for a comparatively low EBITDA multiple of 7 times, gross sale proceeds would amount to $163.8 million and net sale proceeds, $126 million – after retiring all the debt of these business units . Even on a net sale proceeds basis, the Paperlinx Preference Shares would be worth $44 per security . assumes the entirety of the European operations – from which Paperlinx currently earns 75% of its revenue – are worth nil . It’s difficult to imagine the valuation of such a large and regionally dominant business would be worth zero. Accordingly, the PIGS view this analysis as a conservative approach to determining the total value of PaperlinX."
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We can talk about the hybrids as much as we like. The truth is that ppx controls the hybrids and it would be unlikely that it would signicantly disadvantage itself to benefit the hybrids. They can keep the hybrids waiting for a long time!
