|Shares Out. (in M):||1,300||P/E||0||0|
|Market Cap (in $M):||1,300||P/FCF||0||0|
|Net Debt (in $M):||4,684||EBIT||0||0|
|TEV (in $M):||6,269||TEV/EBIT||0||0|
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|Chiyoda 9/30/2018 Balance Sheet|
|Yen (billions)||$s (millions)|
|Cash & Depsoits||76.5||673|
|Accounts Receivable -other||45.6||401|
|Investment and other Assets||16.5||145|
|Non Curretn Assets||33.9||298|
|Short Term Loans||0||0|
|Provision for Losses||26.1||230|
|Long Term Loans Payable||15||132|
|Notes reciavable, AR from completed projects, costs on uncompleted construction projects|
|Cash & deposits of JV proportional to Chiyoda's interest|
|Notes payable, Accounts payable for construction contracts, & advances received on uncompleted construction contracts|
|SUM OF PARTS 1|
|Market Value Equity||1,636|
|Net Working Capital||(1,915)|
|Senior Secured Term Loan||(2,249)|
|10.625% Senior Unsecured Notes||(1,300)|
|Remaining Costs to Achieve Synergies||(84)|
|Expected Tank & Pipe Proceeds||1,600|
|Tank & Pipe||(200)|
|RemainCo Target Value||8,925|
|Downside Tank & Pipe Proceeds||1,000|
|RemainCo Equity Target Value||5,241|
|Per Share||$ 27.97|
Another Sum of Parts analysis using public offers for parts of the business in the past year:
|SUM OF PARTS 2|
|Lummis bid||2,600||From December 2017 Process|
|MDR takeover Approach from Subsea 7||670||from April|
|Conservative Tank & Pipe Sale Proceeds||1,500||7.5 x EBITDA|
|Per Share||$ 25.68|
|MEMO: NET WORKING CAPITAL|
|Accounts Receivable (Trade)||1093|
|Accounts Receivable (other)||252|
|Current Operating Assets (excluding Cash)||2271|
|Current Oper Liabilities||-4186|
|Net Working Capital||-1915|
|MEMO: CB&I EBITDA SEGMENTATION|
|Tank & Pipe||200|
Chiyoda receives rescue financing
Completion of Cameron LNG and Freeport LNG projects
Reduction of loss estimates as time passes and mitigation efforts achieve sime success
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