Wazua
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CFC Stanbic Rights
Rank: Veteran Joined: 5/23/2010 Posts: 868 Location: La Islas Galápagos
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sparkly wrote:VituVingiSana wrote:mukiha wrote:msafiri wrote:CFC Stanbic is one of the most undervalued stocks on the NSE (price to book value of 0.60) i.e the market value is less than book value and trailing PE is less than 6. The rights which start trading are at a 30% discount. So long as they trade at sub KES 10 prices, the rights represent incredible value. For a full report sign up at: http://www.ashantiresear...esearch-reports_12.html
It's book value is misleading. CFC paid a huge goodwill during the takeover of Stanbic Kenya. It is equal to about half the net assets. That amount still remains in the BS as an asset... If you knock it off, you find a very different NAV Those are the subtleties folks miss when valuing firms! If i remember right the figure was KShs 13 billion? It represents the "cash profit" paid to Njonjo and Co for them to give up their stake in CFC. Other way round A bad day fishing is better than a good day at work
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi
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[quote=FUNKY]Rights oversubscribed by 112 percent http://www.businessdaily...8/-/5vohyt/-/index.html[/quote] Not quite. Over-subscription was 12% but still a resounding success since it was a 4:9 Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Great allocation criteria - anyone who applied for 1,000 or less got full allocation. Everyone else got minimum 1,000 and pro-rata above that. No feeling of having been shafted with a thick iron rod.
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Rank: Member Joined: 3/20/2008 Posts: 503
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Gordon Gekko wrote:Great allocation criteria - anyone who applied for 1,000 or less got full allocation. Everyone else got minimum 1,000 and pro-rata above that. No feeling of having been shafted with a thick iron rod. I agree. I especially like the fact that this allocation criteria was actually included in the Information Memorandum for all to see unlike some other rights Issues.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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What was the percentage of foreigners Vs locals holding now that post rights its 74.743% Vs 25.257%?
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Rank: Chief Joined: 1/3/2007 Posts: 18,361 Location: Nairobi
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xxxxx wrote:Gordon Gekko wrote:Great allocation criteria - anyone who applied for 1,000 or less got full allocation. Everyone else got minimum 1,000 and pro-rata above that. No feeling of having been shafted with a thick iron rod. I agree. I especially like the fact that this allocation criteria was actually included in the Information Memorandum for all to see unlike some other rights Issues. Like NIC! Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
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CFC Stanbic Rights
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