You are not eligible to view 3 messages. To gain access to more recent message posts signup free for membership.
#
AUTHOR
DATE
SUBJECT
22
member
10/16/23 3:10PM
Re: Re: Exito getting an offer
21
The offer is low, only 6% more than what Gilinski offered (which was rejected as too low).
Right now, Exito is trading at a ~7% spread to the offer (I bought some more this morning). I... login to read the rest
Grupo Calleja to acquire Casino's Exito stake, and then make a bid for the remaining shares. This implies a price of $7.24 for the ADR or COP 3,840 per share.
For anyone following the story, just prior to the spin, Gilinski made two low-ball offers for Exito, which were both rejected for being too low. The last offer imputed a valuation for Exito of $1,150m... login to read the rest
Any thoughts on where the pieces are trading here? I was expecting more volatility.Still looks like about 50% upside on both pieces with perhaps a bit more (with less risk) with Exito.I haven't seen anything
CBD/GPA issued an update last night regarding the spin. They have filed Exito's 20-F and are now targeting an effective spin date by mid-Q3 (August 15ish), a bit of a delay, but they continue to
Gilinski making a low-ball bid to acquire 96.5% of CBD/GPA's Exito shares for $836m USD (implying a per-share value of COP ~2,773, below the current trading price of COP ~4,200). Will be interesting to see
Great write up and very interesting! Just have two quick questions in the sum of the parts of the remaining value. I see that you have about $250mm of asset sales, as of 1Q23 they... login to read the rest
Of course. Yes, I had a similar read: they have the 2.7b provisioned amount but they also have roughly 4.0b in recoverable taxes. They have talked about selling some of these in the latest earnings... login to read the rest
Thanks for the color, appreciate it. Regarding the provisioned amount of 2.7bn BRL, are you including it on the EV? On the other hand they have a number of tax credits - I haven’t understood... login to read the rest
Hi Pmgs24,
Thanks for the question.
I talked to IR about the ~12b reais figure that CBD has not provisioned for. Mainly, this dates back to tax disputes that have been ongoing for over a decade and... login to read the rest
GPA seems to have a lot of legal and tax liabilities as per the latest annual report - around 2.7bn R$ recognized on the B/S and 12bn R$ in total related to ongoing proceedings per... login to read the rest
Re: spin delay/could market be anticipating lower Exito Ebitda than you?
6
Thanks for the comments.
I would not put too much weight on precise wording here, as I've seen different verbiage from the GPA and the Exito teams. As far as I can tell, the spin-off is... login to read the rest
Getting back to you with some commentary on recent trends. Here are some thoughts:
Exito
For Exito, I will focus on the Colombia segment, as this is the main driver of results; Uruguay continues to do quite... login to read the rest
Hi mahagany,
Thanks for the kind words.
I did factor in the NCI interests for Exito (I am netting out the % not owned from EBIT). Below is how I'm thinking about valuing Exito and my estimates.... login to read the rest
spin delay/could market be anticipating lower Exito Ebitda than you?
Does the shift in the language in the recent press release to "second trimester" from "first semester" suggest something of a delay? Do you have a sense of what the remaining steps are for the... login to read the rest
hi clarksquarecap,
thanks for the interesting idea.
Not sure if I'm misunderstanding the situation. there seems to be a meaningful EBIT contribution that goes to non controlling interests (NCI) for Exito.
The 2 most profitable segments (Disco del... login to read the rest
Otto - thank you for the questions.
I will reply to the questions I can now and come back in a day or two with more on recent trends.
1. If you own the US ADR, you... login to read the rest
Hi all – this is my first write-up on here (I was just admitted last Friday) and want to say how excited and grateful I am to join the community. I look forward to sharing... login to read the rest
A few questions:
1. If you own the CBD ADR, will the 4 Exito shares come in the form of a new ADR as well or will you get shares that can only be traded in... login to read the rest
Are you sure you want to close this position UNITED INSURANCE HOLDINGS CO?
By closing position, I’m notifying VIC Members that at today’s market price, I no longer am recommending this position.
Flag UNITED INSURANCE HOLDINGS CO for Removal
Are you sure you want to Flag this idea UNITED INSURANCE HOLDINGS CO for removal?
Flagging an idea indicates that the idea does not meet the standards of the club and you believe it should be removed from the site. Once a threshold has been reached the idea will be removed.
You Cannot Submit Message ... Yet
You currently do not have message posting privilages, there are
1 way you can get the privilage.
You can apply for full membership by submitting an investment idea of your own. Or if you are in reactivation status, you need to reactivate your full membership.