BCM - Babcock & Brown Capital - Aussie Stock Forums

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  1. #1

    Default BCM - Babcock & Brown Capital

    Surprised no one has created a thread yet.

    BCM has been hammered due to its link to BNB (name only)

    So what is BCM approx worth ?

    1. $370m cash
    2. 57% of eircom worth $256m (feb 29)
    3. 100% of golden pages worth $248m (feb 29)
    4. No link to BNB debt.
    5. 175m approx shares outstanding

    847/175 = $4.84

    Current sp is $3.6 therefore that would mean $2.14 of it is cash and $1.46 for assets ?

    Is this way undervalued or am i missing something ?

    They are currently doing a buy back of 10% but are currently getting it pushed to 50% ?

    Comments please.

  2. #2

    Cool Re: BCM - Babcock & Brown Capital

    Well i was kinda close.. haha

    INDEPENDENT EXPERT VALUATION RANGE OF $6.01 TO $7.69 Babcock & Brown Capital Limited (“BCM”) today: • releases the Independent Expert Report (“IER”) prepared by KPMG Corporate Finance (Aust) Pty Ltd (the “Independent Expert”) in connection with BCM’s proposed off-market tender. The Independent Expert has calculated a valuation range for BCM of $6.01 to $7.69 per share; • advises that, subject to a review of the final off-market tender documentation by ASIC, all required waivers from both ASIC and the ASX are expected to be received to allow an off-market tender to proceed and that ASIC will not now require the convening of a second shareholder meeting to approve the off-market tender; and • announces that the off market tender documentation is expected to be sent to shareholders before the end of July 2008 and the tender period is expected to open on release of BCM’s annual results on 28 August 2008. The expected buy-back price range will be communicated in the tender documents. At this time, the Board expects that the high end of the buy-back price range will be at a premium to the current market price but at a substantial discount to the low end of the Independent Expert valuation range.

    $ million Low/High

    eircom 630/967
    Golden Pages Israel 44/57
    Cash and other net assets1 374/374
    Corporate overhead and management fees (27)/(90)
    Value of equity 1,0221,308
    No of shares outstanding 170/170

    Value per share $6.01/$7.69

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