RE:RE:RE:buckle up for the lift-offCameron Doerksen from FBN has this target for the sale of BT to Alstom:
Figure 4: Potential BT segment sale at reported Alstom offer Current market cap (US$) $2,823 Net debt (YE 2019) $7,094 Current EV (US$) $9,917 Proceeds from pending asset sales $1,691 Proceeds from BT Sale (67.5%stake) $4,725 Net debt post transactions $678 EV of standalone Aviation at 7.0x $7,358 Equity value $6,680 Shares out 2,398 Per share (USD) $2.79 Per share (Cdn$) $3.69 Note: Aviation value based on NBF 2021 estimate