Carsales Entitlement offer
Carsales aims to raise around US$835m (A$1.2bn) via a non-renounceable entitlement offer to part fund the purchase of remaining 51% of trader Interactive.While the acquisition is probably well flagged and will be earnings accretive, the last entitlement offering didn’t do well in the near term.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
In this note, we take a closer look at valuations and where peers are trading in terms of A/H premium.
Carsales.com's principal activities consists of: online advertising services, which include classified advertising and display advertising services; data and research services, which include software, analysis, research and reporting, valuation services, website development and hosting as well as photography services; finance and related services, which include the Stratton Finance Pty Ltd subsidiary that provides finance arrangements for vehicles, boats, and other leisure items, vehicle procurement and other related services to customers; and international services, in which Co. has operations in overseas countries through both subsidiaries and equity accounted associate investments.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
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