http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_G/threadview?m=tm&bn=73478&tid=5584&mid=5584&tof=17&frt=1
Chinese buying Chemical Assets in Australia 30-Sep-09 11:49 am If they pay this much for Australian chemical companies, how much is GFRE worth? This is ag and not bromine, but still. Forward earnings X 15.8 would be between $5.50 and $6.30 per share pre-split.
By Kevin M. Nichols
A DOW JONES NEWSWIRES COLUMN
www.dowjones.com/banker
NEW YORK (Dow Jones)--China's seemingly insatiable appetite for hard commodity
assets has put the spotlight on the premium it's willing to pay for those assets.
But any additional capital China pays could help thwart shareholder or regulatory
opposition, as the prices being offered are difficult to ignore.
Sinochem Corp.'s $2.4 billion bid for Nufarm Ltd. (NUF.AU) stamps a 10x multiple
on enterprise value to earnings before interest, taxes, depreciation and
amortization and 15.8x 2009 price to earnings. The average multiple agricultural
competitors have been trading at are 6.46x and 14.9x, respectively.
The deal is the second attempt by a Chinese state-owned firm at a merger with the
chemicals company and the fifth high-profile deal this year in which a Chinese
entity is making a run for Australian assets.
Chinese buying Chemical Assets in Australia 30-Sep-09 11:49 am If they pay this much for Australian chemical companies, how much is GFRE worth? This is ag and not bromine, but still. Forward earnings X 15.8 would be between $5.50 and $6.30 per share pre-split.
By Kevin M. Nichols
A DOW JONES NEWSWIRES COLUMN
www.dowjones.com/banker
NEW YORK (Dow Jones)--China's seemingly insatiable appetite for hard commodity
assets has put the spotlight on the premium it's willing to pay for those assets.
But any additional capital China pays could help thwart shareholder or regulatory
opposition, as the prices being offered are difficult to ignore.
Sinochem Corp.'s $2.4 billion bid for Nufarm Ltd. (NUF.AU) stamps a 10x multiple
on enterprise value to earnings before interest, taxes, depreciation and
amortization and 15.8x 2009 price to earnings. The average multiple agricultural
competitors have been trading at are 6.46x and 14.9x, respectively.
The deal is the second attempt by a Chinese state-owned firm at a merger with the
chemicals company and the fifth high-profile deal this year in which a Chinese
entity is making a run for Australian assets.
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