An asymmetric turnaround situation ?
Nice write up. Interesting situation. Read Abt it several times and that might say sth...
SOTPs are tricky, as are multiples.
What about HQ costs in SOTP?
With blockbusters expiring soon, (much) lower mult warranted vs peers?
Due to high debt, FV derived by SOTP might be very sensitive to inputs
It is basically a holding co, that has a high likelihood of getting thrown into pieces. This would unlock value. The +4% dividend is also not bad. The problem is, that it’s german and that it has ties to the chemicals industry.
What is the problems with ties to chemical industry? Cyclicality or?
The chemical industry has 2 problems:
1) Very high input costs — Energy inflation
2) Economic slowdown around the world
What's your opinion?
Even tough I personally have my own opinion on this, it is very positive for the company.
My opinion on what ? The stock ?
What about the pension provisions in your SOTP?
It should be all included in the Ned debt part. So debt + liabilities - current assets.
I will have to look, so that I can make sure its all ok.
Nice write up. Interesting situation. Read Abt it several times and that might say sth...
SOTPs are tricky, as are multiples.
What about HQ costs in SOTP?
With blockbusters expiring soon, (much) lower mult warranted vs peers?
Due to high debt, FV derived by SOTP might be very sensitive to inputs
It is basically a holding co, that has a high likelihood of getting thrown into pieces. This would unlock value. The +4% dividend is also not bad. The problem is, that it’s german and that it has ties to the chemicals industry.
What is the problems with ties to chemical industry? Cyclicality or?
The chemical industry has 2 problems:
1) Very high input costs — Energy inflation
2) Economic slowdown around the world
What's your opinion?
Even tough I personally have my own opinion on this, it is very positive for the company.
My opinion on what ? The stock ?
What about the pension provisions in your SOTP?
It should be all included in the Ned debt part. So debt + liabilities - current assets.
I will have to look, so that I can make sure its all ok.