reports
- Brian Han
Ten Network's FVE Cut to AUD 0.30; with Going Concern Future in Hands ...
The abrupt unravelling of our thesis on Ten Network has led to a 51% cut to our intrinsic assessment for Ten Network to AUD 0.59 per share as a going concern. Critically, we also now attribute a 50% probability that Ten fails to refinance its current credit facility and falls into administration. Applying this probability to our going-concern assessment leads to a revised fair value estimate of AUD 0.30 per share, with no change to the very high uncertainty rating. The recovery of Ten's televisi...
Insider sold: Two Directors sold 56,387 shares at 3.059NZD.
Two Directors at Tenon Limited sold 56,387 shares at 3.059NZD. The significance rating of the trade was 63/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Outlook: Deep value in US housing markets
Tenon is undertaking a strategic business review to identify a path to increase shareholder value. Our analysis suggests a very positive outlook for its core US markets; the company is set to deliver faster earnings growth and this is clearly visible in FY16 trading to date. Tenon currently stands on mid- to low single-digit prospective valuation multiples. Peer group comparisons suggest a valuation range in excess of NZ$4.51 based on calendarised 2015 multiples, and higher still on estimates be...
Update: Taking steps towards mid-cycle targets
Following on from a strong profit recovery in FY14, Tenon is taking steps to deliver its target mid-cycle EBITDA (of U$45m). This includes growth and efficiency initiatives in North America and optimisation capex at Taupo to increase clearwood yield recovery. H115 results confirmed that Tenon’s upward earnings trajectory is on track. Consistent delivery against expectations will be the catalyst for further share price gains. Peer group multiples suggest a NZ$3.75 to NZ$4.99 per share value ran...
Update: Confirming recovery
EBITDA more than doubled in FY14, confirming Tenon’s recovery, which got underway in FY13 and looks well set for further progress this year. Although we have downgraded estimates due to adverse currency effects (we assume NZ$/US$0.85), the underlying picture of profit improvement is intact, which Tenon is reinforcing with growth initiatives, especially in Australasia. On our revised estimates, peer group comparators suggest 40-74% upside to the current share price.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.