Increasing our Soul Pattinson FVE on Coal and the Cheap Acquisition of Jaguar
We raise our sum-of-the-parts-based fair value estimate for no-moat-rated Soul Pattinson to AUD 15.00 per share versus AUD 14.10 per share previously. The increase reflects our higher fair value estimate for New Hope, the favourable acquisition of the Jaguar operation from Independence Group, and the time value of money. The 5% higher fair value estimate for 50%-owned New Hope is due to the favourable near-term thermal coal price. While the recently acquired Jaguar mine suffers relatively high o...Washington H. Soul Pattinson and Company is engaged in the ownership of shares; coal mining; gold and copper mining and refining; property investment; and consulting. Co.'s operating segments are: Investing activities, which invests in cash, term deposits, and equity investments; Energy, which engages in coal, oil and gas activities; Copper and Gold operations, which engages in copper and gold mining activities which includes exploration, mining and processing of ore into copper concentrate, copper sulphide and gold; Corporate advisory, which provides corporate advisory services; as well as Property, which engages in property investment activities.
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