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  • Sheffield Resources (Australia): Thunderbird Mineral Sands Project Cost of Capital

    In early October 2022, the ASX-listed mineral exploration company Sheffield Resources announced its final investment decision to proceed with the Thunderbird mineral sands project, its only project under development. Olivia Montalbano’s investment banking firm had decided to provide coverage of Sheffield’s stock and asked her to determine a fair value estimate. The investor’s bankable feasibility study (BFS) provided an estimate of $1.84 per share, but the stock price was only $0.47. What troubled Montalbano was that the BFS employed a real discount rate of 8%, which seemed low, given typical mining project risk. Montalbano’s immediate task was to develop her own estimate of the project’s cost of capital.
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  • Spotless Group: Is it Worth A$1.15 Per Share? - Instructor Spreadsheet

    • 商品編號：5B20N041
    • 商品分類：Spreadsheet
    • 頁數：67
    • 出版日期：2020-07-12
    • 學門：
    Spreadsheet to accompany product 8B20N041.
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  • Spotless Group: Is it Worth A$1.15 Per Share? - Student Spreadsheet

    • 商品編號：7B20N041
    • 商品分類：Spreadsheet
    • 頁數：53
    • 出版日期：2020-07-12
    • 學門：
    Student Spreadsheet to accompany product 9B20N041.
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  • Spotless Group: Is it Worth A$1.15 Per Share?

    • 商品編號：9B20N041
    • 商品分類：Case (Pub Mat)
    • 頁數：16
    • 出版日期：2020-07-12
    • 學門：
    On March 21, 2017, Downer EDI Limited, a leading provider of engineering, construction, and infrastructure management services in the Australasia region, announced an unsolicited offer for Spotless Group Holdings at A$1.15 per share, to be funded largely by a fully underwritten renounceable two-for-five rights issue at A$5.95 per share. Although an offer for Spotless Group Holdings was not unexpected, the market was surprised at the considerable premium of 58 per cent above the previous day’s closing price of A$0.725. With the institutional portion of the rights offering due to close the following day, an equity analyst with a large institutional fund that was a major shareholder of Downer EDI Limited, had little time to complete a thorough valuation analysis of Spotless Group Holdings. If the analyst determined that Downer EDI Limited was overpaying for Spotless Group Holdings, she would recommend that the fund turn down the rights offering and sell its stake in Downer EDI Limited.
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