IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a> is re-engaging with <a href="https://www.smartkarma.com/entities/arn-media-ltd" target="_blank" data-smartkarma-citation="entities:709:1" rel="noopener">ARN Media (A1N AU)</a>/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.</li>
<li>SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.</li>
<li>While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  </li>
</ul>



Southern Cross Media (SXL AU) is re-engaging with ARN Media (A1N AU)/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.
SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.
While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  


Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

Senior Investment Analyst, Black Crane Investment Mgmt Ltd

Perry Tan, CFA, CAIA, FRM

Senior Investment Analyst

Black Crane Investment Mgmt Ltd

Equity Bottom-Up

<p>The company is:</p><ol><li>Trading cheaply by all traditional valuation metrics with historical EV/EBITDA of 3.49x, EV/EBIT of 5.21x, P/E of 5.6x, FCFF yield of 18.5% and a dividend yield of 11.4%</li><li>A market leader in its respective core businesses of print and radio</li><li>Experiencing a lack of interest because it is in a declining sector</li><li>A new issue (through a spin off) which means that the “cheapness” is not captured on the investment screens of typical value or dividend funds</li><li>Prime for industry consolidation</li></ol>

The company is:Trading cheaply by all traditional valuation metrics with historical EV/EBITDA of 3.49x, EV/EBIT of 5.21x, P/E of 5.6x, FCFF yield of 18.5% and a dividend yield of 11.4%A market leader in its respective core businesses of print and radioExperiencing a lack of interest because it is in a declining sectorA new issue (through a spin off) which means that the “cheapness” is not captured on the investment screens of typical value or dividend fundsPrime for industry consolidation

New Zealand

NZME Limited provides printing and publication services. The Company offers services of newspapers and magazines, as well as commercial printing and specialist publications.

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NZME Limited (NZM NZ)

Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are...

Arun George

NZME - Too Cheap to Ignore

The company is: Trading cheaply by all traditional valuation metrics with historical EV/EBITDA of 3.49x, EV/EBIT of 5.21x, P/E of 5.6x, FCFF yield...

Perry Tan, CFA, CAIA, FRM

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