Bunge - hat Phosphatminen an Vale verkauft (Seite 7)
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Bunge Cheap, Unlevered Following Vale Deal
by: Brian Harper May 28, 2010
Bunge (BG) closed the sale of some mines and other assets for $3.5 billion yesterday, representing $24 a share in net proceeds, half of their current share price of $48. The assets, largely Phosphate mines, represented about 13% of BG's gross assets as of the end of the first quarter 2010. Bunge claims to have received about 12.6x EBITDA, a rich multiple, and 173% of book value before fees and taxes. Back of the envelope math reveals a gain of about $9 a share on the sale.
Post the sale, Bunge will have net debt near zero, versus about $3.6 billion prior to the sale. We expect book value will reach around $73 per common share at the end of 2010, about $65 of which is tangible. With shares recently trading hands at $48.50, the stock is statistically very cheap. We acquired a long position in the stock this week.
Bunge is a relatively low ROE company, with most of their business lines in competitive, capital intensive businesss. Regardless, we think fair value on the stock is around current book value.
One of the chief risks is that Bunge management makes expensive, value-destructive acquisitions now that they are flush with cash. The other chief risk we see is that Bunge has extended significant credit to Brazilian farmers. Most of this credit is secured by future crop sales and liens on property, but this remains a key risk.
by: Brian Harper May 28, 2010
Bunge (BG) closed the sale of some mines and other assets for $3.5 billion yesterday, representing $24 a share in net proceeds, half of their current share price of $48. The assets, largely Phosphate mines, represented about 13% of BG's gross assets as of the end of the first quarter 2010. Bunge claims to have received about 12.6x EBITDA, a rich multiple, and 173% of book value before fees and taxes. Back of the envelope math reveals a gain of about $9 a share on the sale.
Post the sale, Bunge will have net debt near zero, versus about $3.6 billion prior to the sale. We expect book value will reach around $73 per common share at the end of 2010, about $65 of which is tangible. With shares recently trading hands at $48.50, the stock is statistically very cheap. We acquired a long position in the stock this week.
Bunge is a relatively low ROE company, with most of their business lines in competitive, capital intensive businesss. Regardless, we think fair value on the stock is around current book value.
One of the chief risks is that Bunge management makes expensive, value-destructive acquisitions now that they are flush with cash. The other chief risk we see is that Bunge has extended significant credit to Brazilian farmers. Most of this credit is secured by future crop sales and liens on property, but this remains a key risk.
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