In the latest presentation the NTA has been calculated using a discount rate of 12.5% - 15% and a long term assumption of underlying growth of c3.5%. For potential bidders they will use their own assumptions. Personally I would adopt lower on both.
If the idea is to take it private then debt finance for 50% on valuation will be available. The press has speculated that a Private eq is teaming up with Mulpha. It would make sense. Mulpha 25% (which circa they already own) + PrEq 25% plus 50% debt LVR at say 3.8% would double the value of Mulpha's interest.
The buyers will be getting comfortable with assumptions, valuation models, lenders and talking to potential other parties such as what are SPG doing with their portfolio.
SP to NTA is low because of sentiment and short to medium term cash flow projections. Valuations for debt and PrEq balance sheet is a completely different animal.
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