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
- 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
- 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.