Small Cut to our Soul Pattinson FVE to AUD 14 with Ongoing TPG Headwinds
Soul Pattinson’s 59% lift in adjusted net profit to AUD 282 million was 4% ahead of our forecast, but the strong profit masks future headwinds for the group. We lower our fair value estimate for the no-moat company to AUD 14.00 from AUD 14.50 per share, due to the recent 9% cut to our TPG Telecom fair value estimate to AUD 6.00 per share. The reduction reflects ongoing margin pressure for the Australian telco providers given increasingly competitive landscape with expansion of the National Broad...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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