Comet Ridge Limited (COI) - A cheap yet attractive target ( Petra 22/3/24 )
COI has stated that it is in “early-stage discussions” and is “evaluating its strategic and other options, including Mahalo project funding (GSA prepayment and/or sale of project equity), expanding operations by merging with another entity, or a change of control”. While several permutations exist, the prospect of a takeover is becoming more real.
COI (i) has strategic relevance,
(ii) trades at a 32% discount to the peer average 2P multiple and a 48% discount to the WGO takeover valuation,
(iii) is 90% uncontracted with exposure to improving East Coast market; and (iv) is one of the most advanced and derisked suite of East Coast assets.
Maintain BUY, PT A$0.38/sh (unch.).
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Last
17.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $188.3M |
Open | High | Low | Value | Volume |
17.0¢ | 17.0¢ | 16.0¢ | $303.4K | 1.835M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 528521 | 17.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
17.5¢ | 705000 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 528521 | 0.170 |
3 | 145323 | 0.160 |
2 | 174947 | 0.155 |
4 | 193951 | 0.150 |
1 | 100000 | 0.145 |
Price($) | Vol. | No. |
---|---|---|
0.175 | 705000 | 5 |
0.180 | 527122 | 4 |
0.185 | 250000 | 5 |
0.190 | 2258665 | 3 |
0.195 | 104250 | 2 |
Last trade - 16.10pm 30/08/2024 (20 minute delay) ? |
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