WHG could surprise the market with a higher than expected IPO price. I doubt it. Even applying a high-end value for Smithfield of ~US$10bn, a ~38% discount to NAV isn't a compelling trade.
What is covered in the Full Insight:
Introduction to WH Group Spin-Off
Details of the Smithfield Offering
Financial Performance and Metrics
Market and Peer Comparison
Conclusion and Investment Outlook
SUMMARY
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