Singapore Stock Market News

Ezra Holdings - Subsea Sale Crystallises Value

StockFanatic
Publish date: Fri, 28 Aug 2015, 02:04 PM
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Ezra-Chiyoda
Ezra has sold 50% of its subsea business (AMC) to Chiyoda Corp at an adjusted enterprise value (EV) of USD890m. It will receive USD180m in cash for the 50% stake in the equity of AMC, equivalent to 78% of its current market cap. Maintain TRADING BUY with a higher SGD0.36 TP (from SGD0.25, +216% upside), still imputing a 20% discount to the sale-EV for conservatism. The stock price currently values Ezra's other listed subsidiaries below zero.

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