Modest Decline in Soul Pattinson’s Fair Value Estimate to AUD 15 After TPG Telecom Cut
We lower our fair value estimate for Soul Pattinson from AUD 15.50 to AUD 15.00 per share after factoring in our fair value estimate cut for 25%-owned TPG Telecom by 15% to AUD 8.50 per share. A small increase in our fair value estimate for 60%-owned New Hope to AUD 2.05 per share is a partial offset. The TPG Telecom cut reflects our more pessimistic view on the likely longer-term headwind from the national broadband network, or NBN.All else equal, the higher NBN access costs (around AUD 40 per...
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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