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Acquisition of WFS
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INVITATION TO THE SIAS&ndash SATS HYBRID DIALOGUE SESSION On 28 September 2022, SATS Ltd. (&ldquo SATS&rdquo or the &ldquo Company&rdquo ) announced the proposed acquisition of Worldwide Flight Services (&ldquo Proposed Acquisition&rdquo ). The Company wishes to invite all its shareholders to participate in the SIAS-SATS Hybrid Dialogue Session to be held on 14 November 2022, Monday at 7.00 p.m. (Singapore Time), in relation to the Proposed Acquisition. During the session, Mr. Kerry Mok, President and Chief Executive Officer and Mr. Manfred Seah, Chief Financial Officer of SATS, will deliver a presentation on the Company&rsquo s latest financial results and the Proposed Acquisition, followed by a Q& A session. The session will be moderated by Mr. David Gerald, the President and Chief Executive Officer of SIAS. Please refer to Appendix A for more details on the SIAS-SATS Hybrid Dialogue Session. Shareholders who wish to attend, please register online via the web link below, latest by 8 November 2022, Tuesday at 5.00 p.m. (Singapore time). https://bit.ly/3ETd0Te As limited slots are available, registration to participate in the SIAS-SATS Hybrid Dialogue Session will be accepted on a first-come, first-served basis. Pre-registration is compulsory, and any registration after the deadline will not be accepted. Only verified SATS Shareholders will receive a confirmation email to attend in person or via webcast through a unique login link, at least one (1) day prior to the event date. Issued by SATS Ltd. on 3 November 2022. For enquiries, please contact: Corporate Engagement Department Tel: +65 6227 2683 Email:
[email protected]
Prepare for halt in 7 days.
Going up soon above $3 before the RI......
DYODD
Taken from UOB report.. DYODD.
After the sharp share price decline, risk-reward profile of SATS is more attractive.
- Since SATS&rsquo first trading halt related to the WFS deal, SATS share price has declined 33% from S$4.06 before the trading halt to S$2.72 (the closing price on 18 October) this is likely due to the market&rsquo s unfavourable view towards the deal and the weak sentiment towards the equity raising plan. During this period, S$1.5b worth of SATS&rsquo market cap has been evaporated this is equivalent to about 45% of WFS&rsquo acquisition enterprise value of S$3.1b.
- Assuming SATS&rsquo existing business is still worth the value as it was and attributing all market cap drop to the deal of WFS, the market is now effectively valuing WFS at an enterprise value of S$1.6b (being transaction enterprise value of S$3.1b less SATS&rsquo market cap drop of S$1.5b).
- This means, if one buys SATS at the current price, he is effectively paying only 4.9x EBTIDA (based on WFS&rsquo 12- month EBITDA ended Mar 22) for the WFS deal, instead of the original transaction EV/EBITDA multiple of 9.7x. The effective 4.9x EV/EBITDA looks attractive, considering that:
- this is pre synergy, and
- WFS is the top global air cargo handler.
- In the context of past peer transactions, the implied 4.9x EV/EBITDA valuation of WFS is also very cheap. While SATS&rsquo original acquisition EV/EBITDA of 9.7x for WFS was already not excessive against past peer transactions, the effective 4.9x EV/EBITDA for WFS implied by the current SATS share price is much lower than the historical peer transaction range, usually between 10.1x-10.7x.
- One special case to note is HNA Group&rsquo s previous transaction of Swissport, a Swiss aviation service company of similar size to WFS but focuses more on the ground handling services (which SATS does not want to acquire instead SATS likes the more scalable cargo handling businesses which forms 80% of WFS&rsquo revenue) &ndash HNA Group acquired Swissport back at 2016 at 10.2x EBTIDA but sought for a fire sale a few years later (but failed) after HNA ran into financial distress. HNA&rsquo s fire sale valuation for Swissport was at about 7x EBITDA by our estimate...
TikTalk ( Date: 31-Oct-2022 19:51) Posted:
https://research.sginvestors.io/2022/10/sats-uob-kay-hian-research-2022-10-19.html
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Nice, come come down
How high can it go le?
How much can it pullback le?
https://research.sginvestors.io/2022/10/sats-uob-kay-hian-research-2022-10-19.html
I see...
CheeryVGoh ( Date: 31-Oct-2022 15:15) Posted:
Cornerstone investors trying to hold the share price... higher.
TikTalk ( Date: 31-Oct-2022 15:00) Posted:
Huat arhhhh |
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Cornerstone investors trying to hold the share price... higher.
TikTalk ( Date: 31-Oct-2022 15:00) Posted:
Huat arhhhh
CheeryVGoh ( Date: 31-Oct-2022 14:57) Posted:
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today up up up $3 soon
MIssed selling at 2.76 / 2.77, but nvm as this one likes to see-saw.
CheeryVGoh ( Date: 31-Oct-2022 13:41) Posted:
I sold at 2.74 just now. Still vested small small.
Today open big. Ya like Casino.
TikTalk ( Date: 31-Oct-2022 10:50) Posted:
Heng I didnt sell, now higher...but hor had I sold also got chance
to buy back and then make 2nd round too....wa like casino |
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I sold at 2.74 just now. Still vested small small.
Today open big. Ya like Casino.
TikTalk ( Date: 31-Oct-2022 10:50) Posted:
Heng I didnt sell, now higher...but hor had I sold also got chance
to buy back and then make 2nd round too....wa like casino
CheeryVGoh ( Date: 27-Oct-2022 12:01) Posted:
Bro TT,
Did you sell this morning, reached 2.72 ?
Now 2.59 / 2.60 |
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I dunno le....dont bother so much about this or that news that may come out that I do not know.
Just for talking only ok for those speculating.
ruanlai ( Date: 31-Oct-2022 11:33) Posted:
| News leaked? Announcement feels near! Anytime halt from now |
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News leaked? Announcement feels near! Anytime halt from now
Today those bought around 2.70s has a chance to book a little profits, no profit or small loses.
All the bre@st ya...those bought below 2.70 obviously has the chance to book profit, if you
dont come back down cannot blame SATS or SGX la since you decided to keep for higher profits
and if have higher profits you will buy SATS & SGX employees meals or give ang pow?
TikTalk ( Date: 27-Oct-2022 10:36) Posted:
How a stock price become weaker and weaker?
1) Those long above $4.00 before announcement and had not sold on 28th September are praying when got chance sell.
2) Those bought on announcement day and holding are worrying when got chance to sell.
3) Those bought around $3 are wondering when can sell.
4) Those abought around $2.70s still waiting for a chance to sell.
5) Those bought $2.60s was given a chance to sell yesterday and today.
6) Those bought $2.50s also has the chance to sell yesterday and today.
Above is how the sell queue built up longer and longer each time prices make lower low, each bounce is
of lower high, the making of a down trend. Eventually when things improve, prices improve but will meet
with resistances as the above listing of 5 groups of sellers are queueing to sell to the next buyer on the
way up. Eventually an uptrend form when it slowly clear each of these above mentioned sellers, how long will
this process take I also dunno wakakaka......
All the bre@st |
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Congrats, kee liao high 2.77 when I wasnt watching
CheeryVGoh ( Date: 27-Oct-2022 17:34) Posted:
I gambled a bit big small at 2.625 at SATS casino.
TikTalk ( Date: 27-Oct-2022 12:11) Posted:
| US Q3 tonight so do anything also gambling |
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The question singaporeans need to ask is whether to expect TH to use public funds to help public listed companies is a rational expectation
Observers ( Date: 29-Oct-2022 08:35) Posted:
| Funding not a problem. At most the multi-billion MCB from SIA to be redeemed, Temasek can offer to SATS if in need of cash and don' t want to dilute equity. |
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