At 30/6/24, SRV had a net cash of 1.17 $ per share. If the IPO goes through as expected (cf above), SRV will have a net cash of around 2.40 $ per share*, representing 48 % of today's market price. The discount to the sum of the parts should narrow as it does not really make sense to apply a discount for the cash, unlike for asset value where there is always some uncertainty.
* before potential impact of tax on capital gain, when they sell 30 % of EMEA business.
SRV Price at posting:
$4.98 Sentiment: Buy Disclosure: Held
