GPT 2.94% $4.13 gpt group

what is going to be worth

  1. 13,594 Posts.
    lightbulb Created with Sketch. 4
    ....after writing down the jv, including a 20% reduction in assets and doing a 1 for 1 equity raising @ 60c GPT will be worth $1.30

    If you take up the rights issue you will be buying shares at a 53% discount to the NTA

    with a stronger balance sheet and a discount of the assets you can expect the NTA to close to actual value



    please check out my calculations
    v
    v
    v

    the original NTA was $3.82

    equity = $8.4 bn
    no of shares = 2.2 bn
    $8.4bn/2.2bn = $3.82


    assets $14 bn
    debts $5.6
    equity $8.4

    $2bn was leant to the jv

    jv

    assets $7 bn
    debt $5 bn
    equity $2bn

    1. the JV has been written down to zero

    you therefore have to knock off $2bn from the balance sheet

    eg

    assets $12bn
    debts $5.6 bn
    equity$6.4


    2. next include 2O% reduction in assets

    assets $10bn
    debts $5.6bn
    equity $4.4bn

    3. finally include a 1 for 1 equity raising @ 60c

    2bn shares x .60 = $1.3 bn

    assets $11.3 bn
    debts $5.6 bn
    equity $5.7 bn

    equity $5.7 bn
    no of shares = 4.4 bn

    nta = $1.30

    gearing = 49.5%


 
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