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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...
- Mark Taylor
Why is No-Moat UGL Limited a Takeover Target for CIMIC?
Our advice remains for UGL shareholders to accept CIMIC’s AUD 3.15 per share bid in the absence of a higher offer. This includes the option of selling on-market if the sale price covers the brokerage, or if certainty of sale is the imperative. CIMIC’s bid is pitched at a 40% premium to our AUD 2.25 per share fair value estimate, and is final. Our AUD 22.00 fair value estimate for CIMIC is unchanged given the relatively small AUD 525 million market capitalisation of UGL, and the fact that AUD...
- Mark Taylor
Corporate Action - We Recommend UGL Shareholders Accept CIMIC Bid
The AUD 8.9 billion market-capped CIMIC Group intends an AUD 3.15 per share cash off-market takeover offer for UGL Limited, valuing the target at AUD 525 million, a near 50% premium to its prebid value. CIMIC describes the offer as free of conditions and final in the absence of a competing bid. The pity of another Australian company falling to a majority foreign-owned entity notwithstanding, our advice is for UGL shareholders to accept the bid in the absence of a higher offer. This includes the ...
- Mark Taylor
Fiscal 2016 Result in Line with Expectations, AUD 2.25 Fair Value Unch...
We make no change to our AUD 2.25 per share fair value estimate and no material change to our 2017 earnings forecast of AUD 0.31 per share. Underlying fiscal 2016 net profit after tax increased 11% to AUD 33.7 million, close to AUD 36.7 million expectations. This excludes AUD 200 million in pretax provisions for the Ichthys LNG project, some or all of which may ultimately be recoverable via claims settlement. The provisions led to a statutory loss of AUD 106 million. Our unchanged fair value est...
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