STX Cash, page-61

The ACCC has raised “significant preliminary concerns” on the Dye and Durham
(D&D) takeover of LNK.
Clearly the LNK share price is indicating the market does not expect the transaction
to proceed, noting a range of issues, e.g. ACCC/other regulatory approvals, a tight
timeline, and the recent fall in D&D’s share price since the deal was announced.
Whilst we acknowledge large D&D deal obstacles, and a currently difficult overall
equity market environment, we do see the recent fall in LNK’s share price as now
arguably overdone. Indeed, LNK is now trading only ~10% above its Covid-19
share price lows, and on FY23F PE multiples of 13x and ~8x, ex PEXA
(MorgansE). We therefore move to an ADD recommendation on valuation grounds.

Given this is completely off topic, just want to disclose that I do NOT hold LNK.

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