Daily Brief Financials: Get Nice Financial Group Ltd, Admiral, Hongkong & Shanghai Hotels and more

• On the 5th November, Get Nice Holdings (64 HK) (GNH) announced a scrip Offer, by way of a Scheme, for 72.99%-held Get Nice Financial Group Ltd (1469 HK) (GNF).
• With an implied scrip price & divvy of HK$1.116/share, against a book value of HK1.736/share – and net cash of ~HK$1.00/share – this is probably being down too cheaply.
• GNH’s Circular is now out, with an EGM to be held on the 22nd Jan. GNF’s Scheme Doc is expected to be dispatched one or before the 10th Feb. 

• Admiral shares have shown strong performance with a 13% CAGR since May 2018 and reaching all-time-highs after 1H24 results
• Despite recent pullbacks, Admiral’s market cap of £8.6bn is considered very cheap
• The market underestimates Admiral’s potential, with the business transitioning from a “sell” to a “buy” consensus in recent years and earnings upgrades through 2024

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Great portfolio of assets, most notably 10 hotels under the Peninsula brand name
• Capex has been excessive over the past 10 years, especially in London, but the company is now focused on execution and paying back debt. Both London and Istanbul ramping up.
• NAV per share of HK$24 per share, putting at the HK$6.2 price at a 74% discount to NAV. Key is whether Philip Kadoorie will unlock value once he takes over.