AustraliaDaily Briefs

Daily Brief Australia: Pacific Smiles, Ricegrowers Ltd and more

In today’s briefing:

  • Pacific Smiles: Key Shareholders Reject Genesis’ Terms
  • Ricegrowers Ltd – Moving valuation to FY25f consensus


Pacific Smiles: Key Shareholders Reject Genesis’ Terms

By David Blennerhassett

  • MA Financial (13.43% of shares out) and Alison Hughes (9.94%) said they will reject Genesis A$1.8675/share offer for Pacific Smiles (PSQ AU); therefore the 90% acceptance condition cannot be met.
  • Separately, PSQ’s board also rejected terms, as Genesis Offer is below NDC’s A$2.05/share Offer; plus terms are “opportunistic” as they do not account for PSQ’s recent strong financial improvement. 
  • What now? Genesis has the flexibility to bump. Expect that to occur. They won’t fold their tent in response to this latest development.

Ricegrowers Ltd – Moving valuation to FY25f consensus

By Research as a Service (RaaS)

  • RaaS has published an update report on agri-FMCG group Ricegrowers, trading as SunRice (ASX:SGLLV), updating our Sum of The Parts (SoTP) valuation as we move from FY24 estimates/consensus data to FY25.
  • In moving our consensus valuation year from FY24 to FY25, we look back on selected RaaS peer EPS growth trends over the past four years (FY23a-FY26f inclusive).
  • Only four stocks including SGLLV [the others (ASX:TWE), (ASX:RIC) and (SB:EBRO)] have not or are not forecast to have a down year during this period.

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