LIKE all the real good stock they don't let the MUGS in, not like Burger Fuel so just look ON..
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LIKE all the real good stock they don't let the MUGS in, not like Burger Fuel so just look ON..
I got a copy of the investment statement/prospectus last night. The offer price range of $1.45 - $1.70 seems to equate to a pro-forma P/E of 19.5 - 22.9 when fully diluted for 11.5m employee options and 0.9m convertible notes. Forward P/E of 15.9 - 18.7 on the same basis.
Profit margins seem lowish for this type of business. Also need to make allowance for reasonably generous employee share plans (up to 3% of capital per year) and possible low liquidity.
Real value is probably highly dependent on execution of growth strategy - i.e. can they create value by purchasing businesses using new equity? So expect a feedback loop on the share price and a valuation spiral. In a strong market, the chance of an upward spiral is increased.
Overall, I think it looks a fair listing in current market.
Liz, are they keeping the capital raised in the IPO for themselves or retaining for growth?
Approx 22m shares come from sale by an existing shareholder (Opus International (NZ) Ltd), while 7m are new shares issued by the company. However Opus International retain 90.5m shares (67% of capital) which are held under a lock-up for 16 months.
As I understand it, the main reason for public listing is to facilitate acquisitions via the ability to offer new equity as part of a purchase price. Any acquisitions are not included in forecasts.
There is a very large demand with this issue as no one got the stock they wanted. The listing should therefore be very strong.
What are the dates for Opus ,prospectus, closing, listing and at what price , Iv heard $1.65 , whats theexpectations here.
TT...you got that right.I managed to get a few...after jumping up and down (over the phone).The broking companies I rang all sounded really p..... off .
Having said that I suppose it always happens when something half decent is offered.
Does anybody know of any brokerage company that still has Opus available?
I've already tried ASB Securities and Direct Broking who aren't doing it/ have already ran out of an allocation. I've also tried First NZ Capital who said that they are only allocating to their clients.
Has been snapped up; very little available.
Does anyone have any estimates as to what the listing price will be for Opus?