Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
TRADE ME GROUP LTD. (AU), a company active in the Internet industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date March 29, 2019, the closing price was AUD 6.12 and its potential was estimated at A...
We recommend Trade Me shareholders vote in favour of the acquisition of Trade Me by Apax Partners at the Scheme meeting on April 3, 2019. Specifically, the proposal involves the acquisition of Trade Me by Titan AcquisitionCo New Zealand Limited, a New Zealand company owned by the Apax IX Fund which is advised by private equity firm Apax Partners. The offer price of NZD 6.45 in cash implies a fiscal 2019 P/E multiple of 24 and is greater than both the independent adviser’s valuation range for T...
We recommend Trade Me shareholders vote in favour of the acquisition of Trade Me by Apax Partners at the Scheme meeting on April 3, 2019. Specifically, the proposal involves the acquisition of Trade Me by Titan AcquisitionCo New Zealand Limited, a New Zealand company owned by the Apax IX Fund which is advised by private equity firm Apax Partners. The offer price of NZD 6.45 in cash implies a fiscal 2019 P/E multiple of 24 and is greater than both the independent adviser’s valuation range for T...
We recommend Trade Me shareholders vote in favour of the acquisition of Trade Me by Apax Partners at the Scheme meeting on April 3, 2019. Specifically, the proposal involves the acquisition of Trade Me by Titan AcquisitionCo New Zealand Limited, a New Zealand company owned by the Apax IX Fund which is advised by private equity firm Apax Partners. The offer price of NZD 6.45 in cash implies a fiscal 2019 P/E multiple of 24 and is greater than both the independent adviser’s valuation range for T...
We recommend Trade Me shareholders vote in favour of the acquisition of Trade Me by Apax Partners at the Scheme meeting on April 3, 2019. Specifically, the proposal involves the acquisition of Trade Me by Titan AcquisitionCo New Zealand Limited, a New Zealand company owned by the Apax IX Fund which is advised by private equity firm Apax Partners. The offer price of NZD 6.45 in cash implies a fiscal 2019 P/E multiple of 24 and is greater than both the independent adviser’s valuation range for T...
Narrow-moat Trade Me reported a solid first-half result but one which was in line with our expectations and overshadowed by Apax Partners' NZD 6.45 per share offer for the company. First-half revenue growth of 7.7% was in line with our 7.8% full-year forecast, with EBITDA growth of 8.1% also in line with our 7.9% full-year forecast. Management maintained fiscal 2019 earnings guidance of 5% to 8% growth for both revenue and operating profit after tax. Due to Apax Partners' outstanding offer, Trad...
Narrow-moat Trade Me reported a solid first-half result but one which was in line with our expectations and overshadowed by Apax Partners' NZD 6.45 per share offer for the company. First-half revenue growth of 7.7% was in line with our 7.8% full-year forecast, with EBITDA growth of 8.1% also in line with our 7.9% full-year forecast. Management maintained fiscal 2019 earnings guidance of 5% to 8% growth for both revenue and operating profit after tax. Due to Apax Partners' outstanding offer, Trad...
Narrow-moat Trade Me reported a solid first-half result but one which was in line with our expectations and overshadowed by Apax Partners' NZD 6.45 per share offer for the company. First-half revenue growth of 7.7% was in line with our 7.8% full-year forecast, with EBITDA growth of 8.1% also in line with our 7.9% full-year forecast. Management maintained fiscal 2019 earnings guidance of 5% to 8% growth for both revenue and operating profit after tax. Due to Apax Partners' outstanding offer, Trad...
Narrow-moat Trade Me reported a solid first-half result but one which was in line with our expectations and overshadowed by Apax Partners' NZD 6.45 per share offer for the company. First-half revenue growth of 7.7% was in line with our 7.8% full-year forecast, with EBITDA growth of 8.1% also in line with our 7.9% full-year forecast. Management maintained fiscal 2019 earnings guidance of 5% to 8% growth for both revenue and operating profit after tax. Due to Apax Partners' outstanding offer, Trad...
We recommend Trade Me shareholders vote in favour of the acquisition of Trade Me by Apax Partners at the Scheme meeting on April 3, 2019. Specifically, the proposal involves the acquisition of Trade Me by Titan AcquisitionCo New Zealand Limited, a New Zealand company owned by the Apax IX Fund which is advised by private equity firm Apax Partners. The offer price of NZD 6.45 in cash implies a fiscal 2019 P/E multiple of 24 and is greater than both the independent adviser’s valuation range for T...
We recommend Trade Me shareholders vote in favour of the acquisition of Trade Me by Apax Partners at the Scheme meeting on April 3, 2019. Specifically, the proposal involves the acquisition of Trade Me by Titan AcquisitionCo New Zealand Limited, a New Zealand company owned by the Apax IX Fund which is advised by private equity firm Apax Partners. The offer price of NZD 6.45 in cash implies a fiscal 2019 P/E multiple of 24 and is greater than both the independent adviser’s valuation range for T...
Trade Me is one of New Zealand's most popular websites, offering auction and classified services to members. Strong brand equity and a network effect provides Trade Me with a sustainable competitive advantage. As a result, Trade Me needs only modest investment to sustain exceptional returns, making it a a narrow-moat-rated company and a compelling investment proposition at the right price. Sound financial position and strong cash flow provide Trade Me with the ability to pursue organic as well a...
Trade Me is one of New Zealand's most popular websites, offering auction and classified services to members. Strong brand equity and a network effect provides Trade Me with a sustainable competitive advantage. As a result, Trade Me needs only modest investment to sustain exceptional returns, making it a a narrow-moat-rated company and a compelling investment proposition at the right price. Sound financial position and strong cash flow provide Trade Me with the ability to pursue organic as well a...
Narrow-moat Trade Me reported a solid first-half result but one which was in line with our expectations and overshadowed by Apax Partners' NZD 6.45 per share offer for the company. First-half revenue growth of 7.7% was in line with our 7.8% full-year forecast, with EBITDA growth of 8.1% also in line with our 7.9% full-year forecast. Management maintained fiscal 2019 earnings guidance of 5% to 8% growth for both revenue and operating profit after tax. Due to Apax Partners' outstanding offer, Trad...
Narrow-moat Trade Me reported a solid first-half result but one which was in line with our expectations and overshadowed by Apax Partners' NZD 6.45 per share offer for the company. First-half revenue growth of 7.7% was in line with our 7.8% full-year forecast, with EBITDA growth of 8.1% also in line with our 7.9% full-year forecast. Management maintained fiscal 2019 earnings guidance of 5% to 8% growth for both revenue and operating profit after tax. Due to Apax Partners' outstanding offer, Trad...
We have increased our fair value estimate for narrow-moat-rated Trade Me to the Apax Partners' offer price of NZD 6.45, implying we expect the offer to succeed. The offer has been recommended by Trade Me’s board, rival bidder Hellman & Friedman does not intend to increase its NZD 6.45 per share offer, and no other offers have emerged. Trade Me’s agreement with Apax Partners also restricts the company from soliciting and providing due diligence access to other offers which further reduces the...
We have increased our fair value estimate for narrow-moat-rated Trade Me to the Apax Partners' offer price of NZD 6.45, implying we expect the offer to succeed. The offer has been recommended by Trade Me’s board, rival bidder Hellman & Friedman does not intend to increase its NZD 6.45 per share offer, and no other offers have emerged. Trade Me’s agreement with Apax Partners also restricts the company from soliciting and providing due diligence access to other offers which further reduces the...
We have increased our fair value estimate for narrow-moat-rated Trade Me to the Apax Partners' offer price of NZD 6.45, implying we expect the offer to succeed. The offer has been recommended by Trade Me’s board, rival bidder Hellman & Friedman does not intend to increase its NZD 6.45 per share offer, and no other offers have emerged. Trade Me’s agreement with Apax Partners also restricts the company from soliciting and providing due diligence access to other offers which further reduces the...
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