Vantiv VNTV
December 09, 2012 - 10:34am EST by
member
| 2012 | 2013 | ||||||
| Price: | 21.00 | EPS | $1.17 | $1.38 | |||
| Shares Out. (in M): | 129 | P/E | 17.9x | 15.2x | |||
| Market Cap (in $M): | 2,703 | P/FCF | 9.8x | 8.4x | |||
| Net Debt (in $M): | 863 | EBIT | 340 | 400 | |||
| TEV (in $M): | 3,566 | TEV/EBIT | 10.5x | 8.9x | |||
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| # | AUTHOR DATE SUBJECT |
|---|---|
| 34 | |
Hopefully this is because Goodman is a stubborn guy about value, not because he is overreaching. He has a large fraction of his net worth in RHDGF, so our interests are aligned. In the meantime | |
| 33 | |
I see there's a euroweek headline: Sewko hits a snag with $119m IPO..., but I don't have access to the article. | |
| 32 | |
I found a draft version of the prospectus here:
http://mqs2000.blogspot.com/2013/09/sewko-holdings-limited-draft-prospectus.html
The woman on their website certainly looks excited for the IPO!
http://www.sewko.com/index.html | |
| 31 | |
Yes, I see the link takes you now to a subscription required page. Sorry about this--it worked yesterday, but I didn't keep a copy. | |
| 30 | |
Hi Baird, would you be able to copy and paste the Finance Asia article? I can't see the actual article from the link. | |
| 29 | |
$4+/sh of liquidity if RHDGF and Asia Partners sell in proportion to their holdings? This makes no provision for taxes (does Curacao incorporation avoid cap gain tax?). The IPO numbers in the article are presumably | |
| 28 | |
Assuming IPO goes ahead and is successful, baird909, what do you think is the value of RHDGF that gets liquidity from this? | |
| 27 | |
Don't know if anyone follows this anymore, but Sewko Holdings has filed a preliminary prospectus for an IPO in Singapore. According to this article from Finance Asia, the plan is a $119 million (US) sale... login to read the rest | |
| 26 | |
Press release today about potential IPO in Singapore of a new holding company, Sewko Holdings Ltd, which would include all of Singer Asia. This would let the other major shareholder, USC Asia Partners, get liquidity, | |
| 25 | |
The 40% revenue growth at Singer Sri Lanka is remarkable, this is already not a small unit for them and with their market share this is bound to create significant operating leverage. Singer Asia is... login to read the rest | |
| 24 | |
Clancy, do you still follow this? Probably you saw the piece in the Sri Lankan press last month?
http://www.dailynews.lk/2011/09/08/bus01.asp | |
| 22 | |
I spoke with Amy Pappas at corporate HQ who is usually available to talk with shareholders (914-241-3404 ext 3); though she couldn't release a detailed breakdown of tax and transaction costs, it sounds like in... login to read the rest | |
| 21 | |
Just curious if you have spoken to Goodman post-deal...perhaps he was able to walk you through the numbers on how the sale of the stake got us to the $9.54 (ie taxes fees / discount | |
| 20 | |
I'm glad to see this deal and another significant near-term cash inflow. Though I took profits on a minority of my position with the news, I think it's again an attractive holding at $17, particularly... login to read the rest | |
| 19 | |
"the net, after-tax profit attributable to Retail Holdings' shareholders is projected to be approximately $25.6 million and the net, after-tax cash consideration attributable to Retail Holdings' shareholders is projected to be approximately... login to read the rest | |
| 16 | |
Sure, no problem. I don't own a Bloomberg and got my share data in the writeup from the websites of the appropriate national stock exchanges, in this case the DSE at http://www.dsebd.org . (It... login to read the rest | |
| 13 | |
Thanks for the insight bondo. As I'd neglected to mention in the writeup, all the distributions in the last several years have in fact been non-taxable return of capital distributions for US federal income tax... login to read the rest | |
| 12 | |
Unless the foreign aspects of this change something, then if the company dissolves and distributes the proceeds the distributions will not be treated as dividends, but will be treated as a return of capital. From... login to read the rest | |
| 11 | |
My back of the envelope is not nearly as detailed as Clancy's post, but essentially I focus on earnings vs. the public market value of the subs as I don't really trust the ability of... login to read the rest | |
| 10 | |
briarwood988 -
Since NAV is in the mid $30's and the stock is hovering around $10-$11, it seems as if there is a lot of value to play with here. I assume that even though you... login to read the rest | |
| 9 | |
Clancy -Have you done any work on estimating the tax hit upon dissolution? If I am thinking about it correctly there would be two taxable events - first the capital gains tax on the gain... login to read the rest | |
| 8 | |
Mrsox, I'm pretty sure that's the entity in question; in fact the notes to the RHDGF reports mention that KSIN is now called SVP Holdings Ltd. As a KKR entity they likely don't need to... login to read the rest | |
| 7 | |
Clancy,
Do you know if this is the Company that is controlled by the KKR entity behind the KSIN notes ?
http://www.svpworldwide.com/
If so, do they have any public financials that you have been able to find?
thanks
mrS | |
| 6 | |
Thanks everyone for your kind words re the writeup. It's certainly an obscure one but is actually my favorite idea in some time.
Ndn, as far as I can tell the discount boils down to it... login to read the rest | |
| 2 | |
Clancy,
Size and complexity aside, are there any specific reasons known as to why the market would be providing such a big discount to your valuation?
I concur with Nails, very interesting indeed. You don't often see | |