TSXV:CAV.H - Post by User
Comment by
junior_mineron Apr 19, 2008 5:39pm
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Post# 14988789
RE: valuation
RE: valuationThat was a long post and it went little over my head. But I my mind this is the correct way interpret the transaction:
Koreans pay capex 30% of 890 (note no interest, Koreans use equity or debt, not BAJ's business) = 267m
Rest of the money goes to BAJ: 435-267 = 168m for 30 % ownership.
70% is valued at 392m. That is $2.8 per share or 2.12 per share fd. (My share counts may be outdated a little.)
But it's not important what they paid but what lies in the future. (I refer to my earlier post, noting that cash in hand calculation should have used 890 instead of 990 since BAJ isn't paying interests for Korean's share of capex financing)