reports
- Adrian Atkins
Duet's Takeover Looks to be a Done Deal
Duet is set to be taken over after the Foreign Investment Review Board and the Federal Treasurer approved the takeover by Hong Kong-based Cheung Kong Infrastructure and its related entities. Shareholders also overwhelmingly approved the takeover, with 99.7% of votes in favour, though this was expected. We increase our fair value estimate to the takeover price of AUD 3.03 per security, as we believe the takeover is now almost certain to proceed. We believe investors are receiving a generous pric...
- Expert Corporate Governance Service (ECGS)
Etude de l'AG du 05/05/2017
General: The Dürr Group is one of the world's leading mechanical and plant engineering companies with expertise in automation. Products, systems and services offered by the Group enable highly efficient manufacturing processes in different industries. Dürr supplies not only the automotive industry but also other sectors such as the mechanical engineering, chemical and pharmaceutical industries and, since the takeover of HOMAG Group AG in October 2014, the woodworking industry. The Group has 92...
- Adrian Atkins
Corporate Action - Vote in Favour of Duet's Generous Takeover Offer
We recommend voting in favour of Duet Group's takeover at the scheme meeting on April 21, 2017, in the absence of a superior offer. The AUD 3.03 per share offer price is generous, representing a 44% premium to our DCF-based valuation of AUD 2.10, a 29% premium to the security price prior to the offer being made, and up to a 31% premium on the independent expert's valuation. Duet’s appointed independent expert values Duet at AUD 2.32 to 2.77 per share, which includes value for head office cost ...
- Adrian Atkins
Duet Posts Soft First Half; No Change to our FVE
No-moat Duet Group posted a soft first-half fiscal 2017 result with only Multinet Gas recording EBITDA growth. Proportionate EBITDA fell 11% to AUD 417 million, though free cash flow was supported by lower interest expense. We downgrade our earnings forecasts to reflect lower-than-previously-expected revenue at the Dampier to Bunbury Pipeline and Energy Developments, and higher depreciation charges. Our medium-term EBITDA forecasts fall by 2% to 3%, but we maintain our AUD 2.80 fair value estima...
- Adrian Atkins
Duet Recommends Formal Bid; FVE Lifted to AUD 2.80
Following due diligence, Cheung Kong Infrastructure, or CKI, and its related entities made a formal takeover offer for Duet Group at AUD 3.03 per security. Duet directors recommend the takeover, subject to approval from an independent expert, which is highly likely in our opinion. The takeover has received approval from the Australian Competition and Consumer Commission, with the main hurdle remaining Foreign Investment Review Board, or FIRB, approval. We believe the deal is now roughly 75% like...
- Adrian Atkins
Solid assets and an improved balance sheet attract but long-term distr...
No-moat Duet Group received an unsolicited nonbinding indicative takeover proposal of AUD 3.00 per security in cash from Hong Kong-based Cheung Kong Infrastructure, or CKI. The proposal is subject to conditions including completion of due diligence and regulatory approval. The offer values Duet at more than 1.5 times regulated asset base (what the regulator says the assets are worth), adjusted for the unregulated Energy Developments business. This is a generous price, reflecting a 28% premium to...
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...
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...
- Adrian Atkins
CKI Makes Surprise Nonbinding Takeover Proposal for Duet at AUD 3.00 p...
No-moat Duet Group received an unsolicited nonbinding indicative takeover proposal of AUD 3.00 per security in cash from Hong Kong-based Cheung Kong Infrastructure, or CKI. The proposal is subject to conditions including completion of due diligence and regulatory approval. The offer values Duet at more than 1.5 times regulated asset base (what the regulator says the assets are worth), adjusted for the unregulated Energy Developments business. This is a generous price, reflecting a 28% premium to...
- Adrian Atkins
Solid assets and an improved balance sheet attract but long-term distr...
Duet's fiscal 2016 proportionate adjusted EBITDA was AUD 774 million, 2% below our expectations. EBITDA was up 35% on 2015, mainly because of the EDL acquisition. Normalised for acquisitions, EBITDA was up 3.9%, driven by full-year contributions from new pipelines held in the DBP Development Group and growth at Energy Developments. We reduce our medium-term EBITDA forecasts by 1%-2%, but this is immaterial to our unchanged fair value estimate of AUD 2.10. We believe Duet is significantly overval...
Insider maiden bought: A director maiden bought 50,000 shares at 2.440...
A director at DUET Group maiden bought 50,000 shares at 2.440AUD and the significance rating of the trade was 72/100. 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 ...
- Adrian Atkins
Duet's Fiscal 2016 Broadly In Line With Expectations; No Change to Val...
Duet's fiscal 2016 proportionate adjusted EBITDA was AUD 774 million, 2% below our expectations. EBITDA was up 35% on 2015, mainly because of the EDL acquisition. Normalised for acquisitions, EBITDA was up 3.9%, driven by full-year contributions from new pipelines held in the DBP Development Group and growth at Energy Developments. We reduce our medium-term EBITDA forecasts by 1%-2%, but this is immaterial to our unchanged fair value estimate of AUD 2.10. We believe Duet is significantly overval...
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