Today's muted reaction to the spin-off news probably best sums up the situation. Even applying, a punchy value for Smithfield of US$10bn, I see WHG at a ~38% discount to NAV. Not a compellling trade.
What is covered in the Full Insight:
Introduction to WH Group's Spin-off Plans
Details of Smithfield Spin-off and Offering
Financial Performance and Valuation Assessments
Market Reactions and Trading Perspectives
Shareholder Structure and Market Comparisons
SUMMARY
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