ELD 1.69% $11.45 elders limited

31st march 2011 accounts

  1. 838 Posts.
    Nett assets $979,479,000 = Approx $2.18 per share

    AWB sold for approx $1.4B with nett assets $1.26B

    AWB accounts superior to ELD.

    ELD probably at the turnaround point as their Rural Services sector starting to get traction.

    By Elders own statement the forrestry is worth nett $485M
    Automotive nett $208M
    Rural nett $440M
    Invest/other nett $190M

    Elders total Capital value today is $166M.

    Seems to me they are undervalued seeing they have no share price covenants and excellent cash flow. Also they have stated their intent to offload AUTO and Forrestry even if it takes time.

    Yes they have the Hybids and debt but still looks cheap to me.

    What do others think.

    P.S The article I posted regarding Chinese auto interest is positive for an Auto division sale I would think even if it still takes time.

    Segment assets 832,341 523,612 283,879 211,232 1,851,064
    Unallocated assets (including tax assets) - - - - 163,199
    Total assets 832,341 523,612 283,879 211,232 2,014,263
    Segment liabilities 391,890 38,172 75,866 20,622 526,550
    Unallocated liabilities (including tax liabilities) - - - - 508,234
    Total liabilities 391,890 38,172 75,866 20,622 1,034,784
    Net assets 440,451 485,440 208,013 190,610 979,479
 
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