Record Profit for Soul Pattinson; Increasing Our FVE to AUD 16 per Share, but Shares Overvalued
We raise our sum-of-the-parts-based fair value estimate for no-moat Soul Pattinson to AUD 16 per share from AUD 15 previously. The increase reflects the benefit of our higher fair value estimate for New Hope, given higher near-term and longer-term coal price assumptions, favourable movements in the value of other listed and unlisted investments in the past six months, and the time value of money. Soul Pattinson’s fiscal 2018 adjusted net profit after tax increased 17% to AUD 331 million, in line...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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