0856 [Dow Jones]Goldman Sachs JBWere says the key catalyst for PBL (PBL.AU) - the demerger - is imminent, with scheme meeting/AGM tomorrow. Analyst expects demerger will be passed, with the separate trading of the two vehicles likely to close the gap to the broker's valuation. "Based on our valuation, PBL offers more than 10-15% upside from current levels," analyst says. Adds, put another way, the current PBL share price implies: PBL's Australian casinos are trading on just 8.4x FY08 EBITDA, a significant discount to PBL's domestic gaming peers Tabcorp, Tattersall's and Sky City. Maintains Buy; price target A$22.20 vs last trade A$19.43.(SVM)
PBL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
