Initiating Coverage on Briscoe Group Australasia Limited with AUD 3.30 FVE
We initiate coverage of no-moat-rated Briscoe Group Limited’s dual listing on the Australian Securities Exchange with a fair value estimate of AUD 3.30 per share, based on the spot Australian dollar/New Zealand dollar exchange rate of 1.07 and our New Zealand dollar-denominated fair value estimate of NZD 3.50 per share. We ascribe high uncertainty fair value and Standard stewardship ratings to the group.The New Zealand company was admitted to the official list of ASX, as a foreign exempt entity...
Briscoe Group is a non-trading holding company. Co. is engaged in the provision of management services to its subsidiaries. Through its principal trading subsidiaries, Co. is engaged in selling homeware products and retailing sporting goods. Co. operates two operating segments: Homeware and Sporting Goods. As of Jan 31 2010, Co. had 58 Homeware stores and 32 Sporting Goods stores located throughout New Zealand.
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