Lowering Soul Pattinson’s FVE, With Jury Out on TPG Telecom’s Bold Move Into Mobile
We lower our fair value estimate for Soul Pattinson to AUD 14.50 from AUD 15.00 per share after taking into account the reduction in our fair value estimate for 25.5%-owned TPG Telecom. Soul Pattinson’s shareholding in TPG Telecom makes up 36% of our sum-of-the-parts fair value estimate. We have cut our fair value estimate for TPG Telecom by 18% to AUD 6.60 per share. Approximately 8% of the cut is due to dilution from the AUD 400 million rights issue, priced at AUD 5.25 per share, and the remai...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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