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PIMCO Multi-Sector Income Fund T.PIX


Primary Symbol: T.PIX.UN

PIMCO Multi-Sector Income Fund (the Fund) is a Canada-based closed-end investment fund. The Fund’s investment objectives is to provide unitholders (the Unitholders) with current income as primary objective and capital appreciation as secondary objective, through various market cycles, by utilizing a dynamic asset allocation strategy among multiple sectors in the global credit markets, including corporate debt, mortgage-related and other asset-backed securities, government and sovereign debt, taxable municipal bonds, other fixed-, variable- and floating-rate income-producing securities of U.S. and global issuers, including emerging market issuers, and real estate-related investments. PIMCO Canada Corp. (PIMCO Canada) is the trustee, investment fund manager and portfolio adviser of the Fund (the Manager), Pacific Investment Management Company LLC (PIMCO) is the sub-adviser and State Street Trust Company Canada is the custodian of the Fund.


TSX:PIX.UN - Post by User

PIMCO Multi-Sector Income Fund
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Post by SolidFuelon Sep 27, 2012 7:29pm
218 Views
Post# 20422788

RAX take-out of PIX

RAX take-out of PIX

 

PIX should be taken-out by RAX.

 

PIX market cap today = $368 million

RAX market cap today = $8.9 billion

 

 

June 30th, 2012 quarter-end for PIX vs RAX:

 

PIX June 30th quarterly revenue = $34 million

PIX June 30th quarterly EBITDA = $8.9 million

 

vs

 

RAX most recent quarterly revenue = $319 million

RAX most recent quarterly EBITDA = $112 million

 

Therefore:

 

PIX = 2.7 times revenue

RAX = 7.0 times revenue

 

PIX = 10.3 times EBITDA

RAX = 20.0 times EBITDA

 

Conclusion:

 

PIX should be taken-out by RAX

 

If PIX traded at the same EBITDA multiple as RAX then PIX would equal $5.62 per share...

 

 

If PIX traded at the same revenue multiple as RAX then PIX would equal $7.58 per share...

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