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Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 10:03am On May 08, 2019 |
Chibuking81: The existing shareholding structure is; MTN International - 75.8% , Nigerian Investors - 18.7% , Others - 5.5% (i.e PIC 1.7% and MTN NIC BV 2.8%). MTN is targeting a free float of about 30% so I presume they will sell down around 10% to retail investors to achieve the free float target. The 10% translates to about $500m or N180billion if we are to go by the $5billion valuation of MTN Nigeria in the Reuters report. This is about 2bilion shares of the 20.3b shares registered with SEC to go to retail investors to achieve the 30% free float. |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 10:22pm On May 07, 2019 |
rebekah2011: Sir Yom2, in my humble opinion, the key word is the valuation of the Nigerian entity of MTN which we understand to be $5billion from the Reuters report posted earlier by OGG. This at N360/$1 exchange rate translates to a valuation of N1.8Trillion for MTN Nigeria. Now at listing, the total value/market cap of the shares in issue must equal the entity valuation. So my thinking for why MTN decided on the relatively huge 20.4Billion outstanding shares at listing is that MTN wanted to make this retail investor friendly and thus they had to split the par value from N1 to 2kobo by splitting 1 share into 50 units (i.e. from about approx. 400m MTN Nigeria shares outstanding pre-listing to circa 20billion shares at listing) If they had gone ahead with the N1 par value and listed the erstwhile 400m shares, then the listing price would have been about N4,500 per share to arrive at the N1.8Trillion valuation. We will agree that N4,500 per share would have been seen as not retail investor friendly particularly as opening up the ownership of MTN Nigeria to the wider Nigerian investor population being one of the intent of getting them to list on the NSE in the first place. This explains the split to 20.4billion shares. To the potential listing price estimated to be within the N80 –N90 per share range and the question if this is on the high side, we should rather be looking at the indicative references like EPS, P/E, Price to book, dividend yield e.t.c which however have not been disclosed by MTN for now but should be made public when the offer document is formally out. But the attached presentation from last year before the earlier planned 2018 offer was called off should provide some insights on EBITDA, Finance cost, effective tax rate, dividend payout ratio e.t.c. Also recall that 2018 FYE EBITDA for MTN Nigeria was about N453Billon so we can have a rough guide on possible EPS on 20billion shares (Discounting Finance cost, Depreciation, Tax et al) https://www.mtn.com/wp-content/uploads/2019/02/ADP-MTN-Nigeria-Investor-day-presentation-–-20-April-2018.pdf 4 Likes |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 3:46pm On May 07, 2019 |
onegentleguy: The MTN par value is the 2k but listing price should be in the range of N80 - N90 going by the guidance of $5billion valuation indicated. This will be approx. N1.8Trillion market cap and potentially close to 15% of NSE total market cap. |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 1:49pm On May 03, 2019 |
arduino: Forte Oil might be the next bull .. With the conclusion of the disposal of the Upstream, Foreign and Power Assets and payment of the Special dividend, phase 1 has been concluded. Phase 2 which is very imminent is the exit of Femi and sale of the remainder of FO (downstream Assets) to the Prudent Energy Group (Ignite). Modelling FO’s potential valuation including using OANDO 49% sale to Helios and the Mobil’s sale to NIPCO, we should have some handsome valuation with good upside to the price FO’s is currently trading at. We may currently be witnessing a "shakeout" after the Q1 result before the acquisition announcement is made soon and the bus takes off.. https://www.pulse.ng/news/local/otedola-sells-off-forte-oil-shares/1jd6l7s 3 Likes |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 1:04pm On Apr 05, 2019 |
rebekah2011: Dear House .. We should watch out for FO as something very positive may be on the way. With the proposed sale of the Upstream, Foreign and Power Businesses, these have been presented on the 2018 FYE Balance Sheet as ASSET CLASSIED FOR SALE at N91.7Billion and there is a N31.6Billion as the corresponding LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS CLASSIFED AS HELD FOR SALE. When the Sales are concluded, these give a NET of N60Billion which will surely go higher as the Balance sheet valuation is book value and market/sale value should exceed book value. The balance of this NET of N60Billion when the portion for Non-Controlling Interests are taken out leaves a very huge balance that will be attributable to Owners of the Company. Considering Femi is selling down his stakes in FO, then this NET attributable to Owners of the Company should be paid as SPECIAL DIVIDEND from sale of Assets. So we should be looking at a very major special dividend very very soon from FO which could be the highest dividend yield NSE will see in a long long while. If these sale has been concluded within Q1, then the special dividend could be announced with the Q1 result... N7/N10 or even a higher sum as Special dividend? I will appreciate comments from my big Ogas in the house.. 1 Like |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 12:25pm On Mar 01, 2018 |
wanaj0: Sir Wanaj0. My Oga the Primewaterview transaction is real Sir and on closure was $1.1billion. i know it sounds huge by deal sizes on our market but its a reality. Milost has $25b in committed capital and its fund strategy has chosen Nigeria as its primary target market.. So we will se more deals Sir after Primewater and Japaul.. About Milost Global Inc. Milost Global Inc. is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is at the intersection of creative investing and value creation. Milost is also a provider of alternative capital, mezzanine finance, and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development. |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 11:55am On Mar 01, 2018 |
rebekah2011: https://www.milostglobal.com/news/154-us-based-milost-snaps-up-nigerian-real-estate-firm-for-1-1-billion Could the fourth to the last paragraph be the key to the recent spike in NEM... |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 7:52pm On Nov 06, 2017 |
Brent finally breaches $64 and outlook still remains bullish... $70 oil knocking? https://markets.ft.com/data/commodities/tearsheet/summary?c=Brent+Crude+Oil - Saudi power game as MBS consolidates his grip.. - OPEC meeting looming with strong pointers towards output cut being extended all through 2018... Putin body language in support and Aramco $100bilion IPO guarantees Saudi support. - Global Inventory overhang draining fast thus tightening the oil Markets - Crude Oil price curve now in backwardation as the long- standing Contango now flipped. - Venezuela's technical Bond default and effect on supply outages - Kurdish independence issues and almost 600,000 barrels under shut down risk So so many positives to drive Crude to $70. Question is how does US Shale producers react to very attractive and profitable $70 by pumping more to upset supply balance.. But with recent drop in US rig count near term Shale surge not imminent All looking good for Naija.. Foreign Reserve accretion, firepower for Emefiele.. possible marginal Naira appreciation NSE surely to see very good times.. 1 Like |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 5:52pm On Nov 06, 2017 |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 10:16am On Nov 06, 2017 |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 10:10am On Nov 06, 2017 |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 9:59am On Nov 06, 2017 |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 8:43pm On Jun 22, 2017 |
1 Like |
Investment / Re: Nigerian Stock Exchange Market Pick Alerts by laydap: 10:22am On May 17, 2017 |
All eyes on OANDO. Already done 20% upside on JSE this morning.. 3 Likes |
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