Nimble
22-04-2004, 12:42 AM
Has anyone taken a look at the Just Group IPO? (Couldn't find any comments using the search function)
Just Group is offering 203.8 million shares at a maximum retail price of $A2.60 ($NZ2.99) per share under its initial public offer. The institutional offer indicative price range is $A2.25 to $A2.70 per share. The company's market capitalisation is expected to be between $A491 million to $A589 million.
Of the company's 218 million shares on issue, 203.8 million will be offered. The retail offer opens on April 5 and closes on April 30 while the institutional offer and institutional bookbuild opens on May 4 and closes on May 5. The group expects to list on the Australian Stock Exchange on May 7.
The company has a;
- diversified and balanced portfolio of highly visible and well known brands, he said. Labels such as Just Jeans, Jay Jays, Portmans, Jacqui E, Peter Alexander and street fashion concept stores representing labels including Levis and Mooks. The company said each of these brands operates within its own market segment with a clearly defined customer demographic.
- It has 676 stores and is one of the largest specialty retailers in the Australian and New Zealand markets with 102 stores in New Zealand
"The reshaping of and investment in the business has delivered strong financial performance," McDonald said. "We are pleased with our financial track record and are excited by the opportunities we continue to identify to improve the performance and grow the business. "In particular we expect to see continued strong growth in both the Jay Jays and Portmans businesses," he said. He said earnings before interest, tax and amortisation (Ebita) is expected to grow at a compound annual 21.8% from 2003 to 2005, driven by sales and gross margin improvements, and through reductions in key operating costs as a percentage of sales.
Joint-lead managers to the offer are Citigroup and Goldman Sachs JBWere. The financial adviser to Just Group is UBS
Stats:
NPAT pre goodwill amortisation 04 38.1, 05 45.2
PE of 12.5 based on retail price of 260.
Forecast Yield for 05 is 5.2%, payout ratio 65%, DPS 13.5
P/S 2.56
Comments
management will still own 6.5% which is good but down from the 13% currently owned
management considered competent
PE of 12.5 attractive for company growing at 20%
yield good at 5.2%
Just Group is offering 203.8 million shares at a maximum retail price of $A2.60 ($NZ2.99) per share under its initial public offer. The institutional offer indicative price range is $A2.25 to $A2.70 per share. The company's market capitalisation is expected to be between $A491 million to $A589 million.
Of the company's 218 million shares on issue, 203.8 million will be offered. The retail offer opens on April 5 and closes on April 30 while the institutional offer and institutional bookbuild opens on May 4 and closes on May 5. The group expects to list on the Australian Stock Exchange on May 7.
The company has a;
- diversified and balanced portfolio of highly visible and well known brands, he said. Labels such as Just Jeans, Jay Jays, Portmans, Jacqui E, Peter Alexander and street fashion concept stores representing labels including Levis and Mooks. The company said each of these brands operates within its own market segment with a clearly defined customer demographic.
- It has 676 stores and is one of the largest specialty retailers in the Australian and New Zealand markets with 102 stores in New Zealand
"The reshaping of and investment in the business has delivered strong financial performance," McDonald said. "We are pleased with our financial track record and are excited by the opportunities we continue to identify to improve the performance and grow the business. "In particular we expect to see continued strong growth in both the Jay Jays and Portmans businesses," he said. He said earnings before interest, tax and amortisation (Ebita) is expected to grow at a compound annual 21.8% from 2003 to 2005, driven by sales and gross margin improvements, and through reductions in key operating costs as a percentage of sales.
Joint-lead managers to the offer are Citigroup and Goldman Sachs JBWere. The financial adviser to Just Group is UBS
Stats:
NPAT pre goodwill amortisation 04 38.1, 05 45.2
PE of 12.5 based on retail price of 260.
Forecast Yield for 05 is 5.2%, payout ratio 65%, DPS 13.5
P/S 2.56
Comments
management will still own 6.5% which is good but down from the 13% currently owned
management considered competent
PE of 12.5 attractive for company growing at 20%
yield good at 5.2%