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Invi,
Where are you?
I think you need to make an update here as EAST
results are out. Reported East NAV was 14 not 24.
~~~~~~~~~~~~
Everybody else
Leaving aside all the past dramas and games on EAST, presently EAST is on a
much better financial situation after this MAariot sale. We knew this after the sale.
But do not buy the bull crap promo at other places saying EAST will give
another Rs 10 dividend etc. Why is Nahil crazy to do so ?
But I can say there can be some trading ops with EAST
if you enter at the right time/when ever. Price now is around Rs 9.
Where are you?
I think you need to make an update here as EAST
results are out. Reported East NAV was 14 not 24.
~~~~~~~~~~~~
Everybody else
Leaving aside all the past dramas and games on EAST, presently EAST is on a
much better financial situation after this MAariot sale. We knew this after the sale.
But do not buy the bull crap promo at other places saying EAST will give
another Rs 10 dividend etc. Why is Nahil crazy to do so ?
But I can say there can be some trading ops with EAST
if you enter at the right time/when ever. Price now is around Rs 9.
slstock wrote:Invi ,
* Even after this hotel sale , the group own some other subsidiaries,
assets/liabilities. You will need to take Group NAV as far as am concerned.
Not Company NAV.
* Also I reiterate what I already said on calculating the real gain
and ultimate NAV of EAST ( after dividend paid)
Will not spend further time on this, other than considerable time
already taken to explain. We will see the Quarter report soon.
~~~~~~~~~~~~
Btw Invi, just curios is ID Braveheart known to you?The Invisible wrote:Thanks SLS for the points highlighted. Lets discuss one by one.
The numbers were derived through a simulation exercise based on available financials and the 18th April announcement all of which were attached.
lets go one by one.
Cash of 3bn - As per the announcement Marriott has paid 2.8bn as sales value for 71% stake pluss Weligama hotel themselves paid another 0.2 bn to EAST as settlement of loan so altogether in April company has got 3bn cash (can be 100% in cash or a balance to be received which I dont know)
Dividend - they declared 8.5 per share for 138mn shares so they distributed 1.2 bn out of the sale proceeds. Meaning they should have left with 1.8bn excess cash to do something.
NAV - yes the NAV for group was 4 and for company was 10. According to my simulation exercise EAST has to report more or less their company results as group results because the hotel segment will no more. So group BS minus hotel BS has been simulated as EAST BS in June quarter so the starting NAV to be 10. And on top of that they need to report the capital gain on the sale which I estimate to take the NAV towards 24.
Then what do they do with excess cash of 1.8bn. When we minus hotel interest braring borrowings from group borrowings EAST will end up with another 1bn or so so logically they should settle this loan too and make the new BS debt free.
If not how does it appears in the CSE site? Did you check the link which I've given at the above?
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