Daily Brief Australia: Abacus Storage King, Costa Group Holdings, Rent.com.au Ltd and more

In today’s briefing:

ASK Listing Trading – Priced at a Discount to Peer, Although Asset Quality Seems More Attractive
(Mostly) Asia M&A, July 2023: Costa Group, Pacific Current, IMAX, Takisawa Machine Tools, Yachiyo
Rent.com.au Ltd – Advertising Recovers, Strong Customer Growth in RentPay

ASK Listing Trading – Priced at a Discount to Peer, Although Asset Quality Seems More Attractive

Abacus Property (ABP AU) de-stapled Abacus Storage King (ASK AU), its self-storage business.
Offering 1 ASK share for every 5.6 ABP share, the REIT raised A$225m (US$150m) after the deal was priced at the bottom end of the indicative price band at A$1.41/share.
The deal is effectively an IPO, and after having been in the making for some time now, it is well flagged as well.

For the month of July 2023, 6 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$2.2bn.
The average premium for the new deals announced (or first discussed) in July was 40%. The average YTD is 36%.
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.

Rent.com.au Limited (ASX:RNT) is a purpose-led company seeking to empower home renters through its technology platform and a growing number of aligned transactional services.
The company has reported Q4 FY23 revenue of $0.71m, up 12% on the seasonally strongest March 2023 quarter, but down 20% on the previous corresponding period (pcp) of FY22.
Underlying EBITDA was an estimated loss of $0.71m, compared with an EBITDA loss of $0.42m in Q4 FY22, with the bulk of the loss attributable to the investment in RentPay ($0.679m).

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network