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.).
Comet Ridge Limited (COI) - A cheap yet attractive target (...
Add COI (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
20.0¢ |
Change
0.010(5.26%) |
Mkt cap ! $221.5M | |||
| Open | High | Low | Value | Volume |
| 19.5¢ | 20.0¢ | 19.5¢ | $747.9K | 3.748M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 7 | 269854 | 19.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 20.0¢ | 400521 | 1 |
View Market Depth
| Last trade - 16.10pm 10/05/2024 (20 minute delay) ? |
|
|||||
|
Last
20.0¢ |
Change
0.010 ( 5.26 %) |
||||
| Open | High | Low | Volume | ||
| 19.8¢ | 20.0¢ | 19.8¢ | 1178333 | ||
| Last updated 15.56pm 10/05/2024 ? | |||||
| COI (ASX) Chart |