15225 replies to this topic

[DayTraderDad]

I'll take it as a compliment 🤔

Let's talk dates...

26 sept. Veb court case?

26 Oct. Mattress firm update

Dec18 FY17 results

FEB19 FY18 results.

Any idea about the lock up re the bigger part of the business? The finalisation of it?

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My thoughts in SNH end result is:

1 - List Asia business in Aussie sell 49% - There was already talk of a IPO

2 - List PEPKOR Europe in Frankfurt and sell 49%. If you recall there was already talk that SNH management was looking for investors for this business

3 - Matress Firm which was already listed will sell 49% ofr its shares. There is already talk of two interested parties.

4 - Sell down the PPH to 51%

5 - Sell out of KAP and PSG

6 - Sell Hemisphere properties and business then pay rentals

 

Then SNH will have a debt of Euro2.5 and hold 51% in all the business. with a EBITDA of Euro 450 mil per year.

 

All this in my view will happen after the PwC report and the creditors which a majority are edge funds will swap debt for shares.

 

I know this sounds very crazy but is the only way out in my view. Any thoughts!

[leo]

Ok so whats your take?

1st who bought all those share on fri or thurs.. not sure if someone is going to play us.

Lowest dip should be a negative outcome on the VEB matter.



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[leo]

Leo starting to remind me of polly now

I'll take it as a compliment 🤔

Let's talk dates...

26 sept. Veb court case?

26 Oct. Mattress firm update

Dec18 FY17 results

FEB19 FY18 results.

Any idea about the lock up re the bigger part of the business? The finalisation of it?

Sent from my SM-G935F using Sharenet Sharechat mobile app

[DayTraderDad]

Market is going to eat you....🐟🐟

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Ok so whats your take?

[woolhoff]

Jet whats your avg sittin on ? Have fnb issues been corrected?

[woolhoff]

Market is going to eat you....🐟🐟

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Leo starting to remind me of polly now

[Ms Jet]

Why would it? im sure he can wait another day for it to rise ? Or week if necessary....

[leo]

My take we going to test the R2.70 and if stays there then to R2.78 - R2.80.

Market is going to eat you....🐟🐟

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[DayTraderDad]

I thought similar..maybe im improving 😁 time will tell

The problem is low volumes. A good jump in the afternoon yesterday so think there is something brewing.

[Ms Jet]

I thought similar..maybe im improving 😁 time will tell

[DayTraderDad]

Wondering what number snh heading to today..slighlty up.in fra allready...craxy share

My take we going to test the R2.70 and if stays there then to R2.78 - R2.80.

[leo]

The intangible assets are assets and cannot be considered 0.

Sure. In industries like eg pharmaceuticals where one can sell patents etc then def yes.
But if you taking goodwill and all other rubbish ifrs intangibles eg, customers (mtn exactly) etc. I'd be sceptical

What about equity value multiple comparables?

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[Tom]

Tom. Look at my previous posts. 0 tangible NAV and 0 equity value when doing a EBITDA multiple comparable to massmart.

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The intangible assets are assets and cannot be considered 0.

[leo]

When compared to MTN it would be 10 rands

Please share your calc

Compare like for like industries.

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Edited by leo, 25 September 2018 - 09:21 AM.

[Tom]

Tom. Look at my previous posts. 0 tangible NAV and 0 equity value when doing a EBITDA multiple comparable to massmart.

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When compared to MTN it would be 10 rands

[Ms Jet]

Wondering what number snh heading to today..slighlty up.in fra allready...craxy share

[leo]

The following figures are just rough quick estimates in billion euros, for the sack of making a rough quick comparison.
It shows that Steinhoff has high assets, but also high debt and low ebitda.

revenue ebitda liability assets intangibles non-intangibles share price(ZAR) Market Capitalization
SNH2018 18.7(H1*2) 0.9(H1*2) 9.3(debt only) 20 9.4 10.6 2.5 0.6
SNH2016 13 1.4 16 32 16 16 80 20
MTN 8 2.8 8.8 14 2.3 11.7 130(now 80) 9
PIK 0.5 0.2 0.8 1 0.1 0.9 67 2
SHP 8.6 0.4 2 3.7 1.8 1.9 190 7
PPH(Pepkor) 3.4 0.2 0.3(now 0) 5 3.6 1.4 22(now17) 3

Tom. Look at my previous posts. 0 tangible NAV and 0 equity value when doing a EBITDA multiple comparable to massmart.

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[Tom]

The following figures are just rough quick estimates in billion euros, for the sack of making a rough quick comparison.

It shows that Steinhoff has high assets, but also high debt and low ebitda.

 

                   revenue           ebitda          liability                 assets    intangibles    non-intangibles    share price(ZAR)         Market Capitalization

SNH2018      18.7(H1*2)    0.9(H1*2)     9.3(debt only)       20             9.4                10.6                         2.5                                  0.6

SNH2016      13                  1.4              16                          32             16                 16                          80                                   20

MTN                8                   2.8               8.8                       14              2.3              11.7                      130(now 80)                       9

PIK                  0.5                0.2               0.8                         1              0.1                0.9                        67                                     2

SHP                8.6                0.4               2                            3.7           1.8                1.9                      190                                      7

PPH(Pepkor)  3.4                0.2               0.3(now 0)             5              3.6                1.4                        22(now17)                         3

[Tom]

The following figures are just rough quick estimates in billion euros, for the sack of making a rough quick comparison.

It shows that Steinhoff has high assets, but also high debt and low ebitda.

 

                   revenue           ebitda          liability                 assets    intangibles    non-intangibles    share price(ZAR)         Market Capitalization

SNH2018      18.7(H1*2)    0.9(H1*2)     9.3(debt only)       20             9.4                10.6                         2.5                                  0.6

SNH2016      13                  1.4              16                          32             16                 16                          80                                 344

MTN                8                   2.8               8.8                       14              2.3              11.7                      130(now 80)                       9

PIK                  0.5                0.2               0.8                         1              0.1                0.9                        67                                     2

SHP                8.6                0.4               2                            3.7           1.8                1.9                      190                                      7

PPH(Pepkor)  3.4                0.2               0.3(now 0)             5              3.6                1.4                        22(now17)                         3

 

[Polly]

deleted

Edited by Polly, 24 September 2018 - 08:21 PM.