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26-12-2013, 11:12 AM
(This post was last modified: 26-12-2013, 02:30 PM by CityFarmer.)
The post-DIS, FCL market price will be known once the share listed on 9 Jan 2014. IMO, the market price should be within the valuation of CityDev, Keppel Land, and CapitalLand, which have PB of 0.8-1.2x. It means the market price per share should be around $1.7-$2.5, with FCL's NAV of about $2.04 per share.
The remaining part of the F&N post-DIS, is the interesting part, IMO. Let's take PBIT of 220 million (as in Freedom's post, and ref below), and P/EBIT of 15, the market price should be around $2.3 per share.
That means total is $5.7-$7.3 pre-DIS. The market price today is $6.1 which is at the lower side of the valuation.
Any other view?
Ref: http://infopub.sgx.com/FileOpen/FNN_Grou...eID=263963
The remaining part of the F&N post-DIS, is the interesting part, IMO. Let's take PBIT of 220 million (as in Freedom's post, and ref below), and P/EBIT of 15, the market price should be around $2.3 per share.
That means total is $5.7-$7.3 pre-DIS. The market price today is $6.1 which is at the lower side of the valuation.
Any other view?
Ref: http://infopub.sgx.com/FileOpen/FNN_Grou...eID=263963
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