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2.6¢ hutchison telecommunications (australia) limited

Nocelery I think the HTA share value is even lower. You have...

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puddnhead

35 Posts.

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31/08/18

16:01

Post #: 35332754
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Originally posted by nocelery ↑

Disclosure: I sold out my holding at 18c (have been a holder for years from 5c and bought again very recently at 7c and 9c)

I suspect some HTA shareholders think will get shares in the new TPG/Vodafone entity, let's call it TPG2. This is not my understanding. Based on my reading, I think the following will happen:

The current JV between HTA and Vodafone will continue (VHA), but VHA will get loaded up with 4.8B of debt in exchange for 50% of TPG2. The dividends received from TPG2 will pay down the debt of VHA. HTA's portion of this debt is $2.4B. If TPG2 is worth $15B, then the shares owned by HTA will be worth $3.75B - 50%(HTA) x 50%(VHA) x $15B (TPG2) ... but VHA will also have $4.8B of debt, making the net value of HTA $1.35B ($3.75B-$2.4B) ... which means an NTA of 10c???? ($1.35B / $13.6B HTA shares)

Is my logic sound or is there a big error somewhere?

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Nocelery I think the HTA share value is even lower. You have based your calcs on $15 B enterprise value but should use (IMO) the $10.9 B equity value. So HTA's 25% share becomes $2.7 B, less there share of the debt not in TPG2 this becomes $0.3 B, and more like 2.5 cents per share.

Or am I missing something?

HTA Price at posting: 13.5¢ Sentiment: None Disclosure: Not Held
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1 Great analysis

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(20min delay)
Last 2.6¢		Change 0.000(0.00%)		Mkt cap ! $352.8M

Open	High	Low	Value	Volume
2.5¢	2.6¢	2.5¢	$65	2.534K

Buyers (Bids)

No.	Vol.	Price($)
3	82733	2.5¢

Sellers (Offers)

Price($)	Vol.	No.
2.7¢	20135	1

View Market Depth

No.	Vol.	Price($)
1	80000	0.130
1	40000	0.125
2	58335	0.120
1	7826	0.115
2	60000	0.110

Price($)	Vol.	No.
0.135	30113	2
0.140	436128	7
0.145	61933	6
0.150	111885	6
0.155	68000	2

Last trade - 15.58pm 26/11/2024 (20 minute delay)

HTA (ASX) Chart