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Summary
➤ Parmalat announced it has failed to secure US$590m cash (due on Thursday 4
December last week) from liquidating its stake in the offshore Epicurum fund.
➤ The stock was suspended today and trading will re-commence on 10 December 2003
following an Extraordinary Board Meeting on 9 December scheduled to start at
16:00GMT. According to Parmalat the Meeting will take a ‘very important decision’.
➤ Epicurum’s non-fulfilment is because of difficulties arising from other liquidation
requests. As a result Epicurum has decided to liquidate the entire fund which is likely
to add further delay to Parmalat receiving payment and raise fresh concerns as to the
liquidity of Parmalat’s short-term financial assets totalling €3.5bn.
➤ Whilst we believe the group may now seek to accelerate the disposal of its non-core
bakery business (which we estimate could release post-tax cash income of Eur400m),
such income may also be subject to delay as a suitable buyer is found.
➤ Despite an attractive valuation (theoretical 2004E FCF yield approaching 20%) we
advise caution short-term and maintain our 1M recommendation and target price of
Eur3.0.
Summary
➤ Parmalat announced it has failed to secure US$590m cash (due on Thursday 4
December last week) from liquidating its stake in the offshore Epicurum fund.
➤ The stock was suspended today and trading will re-commence on 10 December 2003
following an Extraordinary Board Meeting on 9 December scheduled to start at
16:00GMT. According to Parmalat the Meeting will take a ‘very important decision’.
➤ Epicurum’s non-fulfilment is because of difficulties arising from other liquidation
requests. As a result Epicurum has decided to liquidate the entire fund which is likely
to add further delay to Parmalat receiving payment and raise fresh concerns as to the
liquidity of Parmalat’s short-term financial assets totalling €3.5bn.
➤ Whilst we believe the group may now seek to accelerate the disposal of its non-core
bakery business (which we estimate could release post-tax cash income of Eur400m),
such income may also be subject to delay as a suitable buyer is found.
➤ Despite an attractive valuation (theoretical 2004E FCF yield approaching 20%) we
advise caution short-term and maintain our 1M recommendation and target price of
Eur3.0.
Existe um mundo melhor... mas é caríssimo!
- Mensagens: 189
- Registado: 6/2/2003 21:14
Atencao a estas frutas boas:
A Parmalat esta sobre fogo continua a cair. Falencia tecnica.
A Parmalat apresentou a LINA a CAPITALIA agora vai ser a vez do LAU actuar.
Entao A Capitalia vai levar um LAU, XIMBALAU a custa da LINA, VASELINA da Parmalat.
Eu acredito que shortar Capitalia - Ja cai 2,45% -(corre rumor que o banco "sem nome" que financiou a Parmalt a a Capitalia) se assim for e pelo comportamento de a momentos acredito ser este. A confirmar-se ainda tem espaco de queda.
Parmalat, abaixo de 0.5Euro pode ser boa compra. A Parmalt e um grupo emblematico, por isso alguem lhe vai por a mao e poderemos assistir a duplicacoes ou triplicacaoes de valor.
A Parmalat apresentou a LINA a CAPITALIA agora vai ser a vez do LAU actuar.
Entao A Capitalia vai levar um LAU, XIMBALAU a custa da LINA, VASELINA da Parmalat.
Eu acredito que shortar Capitalia - Ja cai 2,45% -(corre rumor que o banco "sem nome" que financiou a Parmalt a a Capitalia) se assim for e pelo comportamento de a momentos acredito ser este. A confirmar-se ainda tem espaco de queda.
Parmalat, abaixo de 0.5Euro pode ser boa compra. A Parmalt e um grupo emblematico, por isso alguem lhe vai por a mao e poderemos assistir a duplicacoes ou triplicacaoes de valor.
-
Xbiana
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