According to Macquarie, Blackstone’s $ 8 billion takeover bid for Crown Resorts is in the right place based on the casino giant’s historic market valuation.
Blackstone praised Crown on Sunday with an offer of $ 11.85 per share for his unsolicited, non-binding and indicative proposal. That’s a modest 20 percent premium over Friday’s closing price.
Macquarie analyst David Fabris said in a note this morning that the offer came at a time of significant uncertainty for Crown as the two Royal Commissions are about to launch in Crown Melbourne and Crown Perth and there could be possible further delays in opening Crown Sydney after the damnation Bergin Inquiry and the ongoing AUSTRAC money laundering inquiry.
However, the offer said « could be the beginning of the end. » « said Fabris, considering the $ 11.85 offer is a multiple of 9.4 times Crown’s Estimated Earnings (EBITDA) for 2023 and 8.3 times implied for 2024.
He noted that this is in the mid-range of Crown’s long-term trading range with 7.9-10.6x profit. At 12:11 p.m., Crown shares were trading 17.8 percent higher at $ 11.62.
The Australian stock market was 0.3 percent ahead at lunchtime, while Biotech CSL was up 2 percent, a step forward in the health sector.
At 6724.4, the reference index was last 16.2 points ahead after falling 0.3 percent at the Open.
NAB and Westpac contributed to early gains, while Wesfarmers, Woolworths, Telstra, Afterpay and Coles also rose. Energy supplies were higher due to improved oil prices.
The big miners were lower, and Fortescue Metals fell 4.8 percent to a more than three-month low of $ 19.07. The Commonwealth Bank also collapsed.
The Australian Insurance Council has declared an insurance disaster after more than 5000 claims were filed over the weekend following extreme rainfall and flooding in Sydney and wider New South Wales.
The Insurance Council of Australia (ICA) has declared an insurance disaster after more than 5000 claims were filed over the weekend following extreme rainfall and flooding in Sydney and wider New South Wales,
KPMG partner Scott Guse said , The extreme weather event is likely to drive up premiums and increase insurance industry lobbying for greater flood protection infrastructure, including a possible elevation of the dam wall in Warragamba.
The ICA’s disaster statement aims to address the issue the insurance industry to accelerate affected policyholders and provide direct assistance to the worst affected.
The ICA added that insurers will continue to monitor the situation in southeast Queensland to see if a similar statement applies to the area is required.
« As many areas are currently on around are inaccessible after floods, insurers expect further claims in the coming days as the emergency services allow residents to return to their properties to investigate the extent of their damage and losses. » ICA Managing Director Andrew Hall said.
Insurance Australia Group (IAG), which includes brands like NRMA and CGU, reported that it had received more than 2,100 claims Sunday evening but added it was too early to pinpoint the net cost of the floods and storms to the business. Conclusion.
The investment house Hyperion this morning listed its global equity fund as an actively managed passive fund on the ASX.
Under the ticker HYGG, Hyperion launched the Global Growth Companies Fund in 2014 after a decade of research Identify « high quality, long-term growth ». Companies around the world.
The main contributor to HYGG is Tesla, which contributed 21 percent of the fund’s 12-month return and made up 11.7 percent of its portfolio. Credit: Shutterstock
The average holding period of the companies in the portfolio is 10 years, and the fund has outperformed the index by 16.01 percent over 3 years.
The investment philosophy of Mark Arnold, Chief Investment Officer of Hyperion, is based on the identification of structural social changes and the purchase of companies that will become monopolies of the new world industries, against the background of a « ???? ». slow growth? World.
The main contributor to HYGG is Tesla, which contributed 21 percent of the fund’s 12-month return and made up 11.7 percent of its portfolio.
The stake in the Anteotech diagnostic outfit rose 18 percent 26.5 cents after the company posted positive results for a rapid COVID-19 antigen test.
The Brisbane nanotech plans to follow in the footsteps of its Queensland colleague, Ellume, and create new types of Perform coronavirus tests.
Anteotech announced to investors this morning that a clinical study of its test in Victoria found 97.3 percent sensitivity to antigens for Sars-CoV-2.
The data constitutes the Basis for the submission of the company for a CE mark for the tests in Europe.
The shares of the company with 422.4 million US dollar so recently rose 13.3 percent to 25.5 cents. Insurance giant IAG’s shares plummeted, as did the price of its major competitors, as claims from customers hit by widespread flooding in NSW and Queensland gradually rise.
The $ 12 billion company, which operates in the affected areas through NRMA Insurance, CGU Insurance, WFI Insurance and Coles Insurance, said it made additional claims for damages that worked over the weekend, to make sure customers get support as soon as possible.
This includes finding emergency shelter for customers and making sure the waiting times for calls to file a claim are not long.
More than 2100 applications had been submitted to the IAG yesterday evening at 8 p.m., mainly covering property damage. The IAG said it was too early to pinpoint the net cost of the floods and storms.
The company’s shares fell 2.7 percent to $ 4.73 this morning after an hour of trading on the ASX. QBE Insurance fell 2.2 percent to $ 9.57 and Suncorp fell 2.1 percent to $ 9.92.
As shown in IAG’s financial results for the first half of February, that Catastrophe reinsurance program 2021 resulted in a maximum event retention of USD 169 million (post-quota portion) as of January 1.
CSL shares rose 1.5 percent this morning to USD 257.94 as the company has reached a milestone in its most famous project to date: manufacturing COVID-19 vaccines for Australia.
The local drug agency yesterday approved vaccine maker Seqirus as a local manufacturer of AstraZeneca vaccines, paving the way paved for CSL doses to be released in the coming days.
CSL will manufacture 50 million doses of the vaccine this year and target 1 million doses per week starting next month. Credit: Jason South
The final step for the Australian made vaccine is the TGA batch release, which is required for each batch of vaccine shipped in Australia. This includes a review of the documents provided by the commercial sponsor describing how the batch of vaccine was manufactured, tested, shipped, and stored, as well as TGA’s internal laboratory testing to ensure that the vaccine was manufactured to the required standards, a? ??? The Therapeutic Goods Administration said yesterday.
« Final batch release documentation is expected to be received from AstraZeneca shortly and the first batches are expected to be released in the next few days. » Manufactures 50 million doses of the vaccine a year and aims to target 1 million doses a week next month.
It’s been a year since the COVID-19 sell-off in Australia, but CSL stocks were down a year ago Up 10.1 percent to $ 282.24.
As JP Morgan analysts pointed out this month, CSL has bigger problems than vaccines: Fiscal incentives in the US are likely to increase plasma collection for its Could make products even more difficult in the coming months.
« We anticipate this will lead to a decline in collections over the next several months before conditions normalize to support recovery. » Analyst David Low said in a note to clients.
The Australian stock market rose after 30 minutes of trading on Monday and repaired an opening decline of 0.3 percent.
The benchmark index was last around 0 at 6717.5 , 1 percent ahead of him, falling to a low of 6688.2.
Biotech CSL led a recovery in the healthcare sector, rising 0.8 percent to $ 256.05. NAB and ANZ turned a weak start to pushing higher, while Wesfarmers, Woolies and Telstra were also in the black.
Big miners remained depressed after a fall in iron ore prices, while the energy sector rose 2 percent after oil prices hit a five-day series of losses.
The Australian stock market stumbled at the start of a new week, but casino giant Crown was delighted with the confirmation of Blackstone’s $ 8 billion takeover bid.
The James Packer-backed group announced Monday morning that that she received the unsolicited, non-binding and indicative proposal from Blackstone worth $ 11.85 per share on Sunday.
The company’s shares rose up to 18.8 percent to $ 11.75. This was the best price since the coronavirus market collapsed last February.
The wider ASX 200 fell 0.3 percent, with major banks, miners and real estate stocks lower.
Fortescue Metals fell 3.8 percent to $ 19.26, BHP lost 0.8 percent to $ 44.53 and Rio Tinto also fell 0.8 percent to $ 108.20 after iron ore prices on Friday had decreased.
CSL rose 0.3 percent to $ 254.79, with Wesfarmers, Woolworths and Telstra also up.
Mark Toomey, Synlait Milk’s Director of Operations, is leaving the New Zealand dairy for Australia.
Synlait said this morning that Mr Toomey, who joined Graincorp’s $ 815.2 million Synlait in December 2019, decided it was time to seize new opportunities.
Um In support of this transition, Synlait welcomes back Matthew Foster, who left the company in March 2020 and started as a freelance agribusiness and merger and acquisition consultant.
Mr Toomey, who oversaw Synlait’s operations team over COVID-19, will stay with Synlait until mid-June 2021.
The company’s shares, listed on the ASX, closed at $ 3.56 on Friday and are down 27.3 percent so far this year.
Related Title :
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