by winston » Wed Jun 18, 2014 8:58 am
not vested
Del Monte Pacific Ltd - Transitioning to a new phase of growth
Recommendation: Accumulate
Previous Close: S$ 0.575
Fair Value: S$ 0.665
Consolidated figures from DMFI beginning 18-Feb 14 for transition period.
Revenue reported at US$379m, which included US$293m sales from DMFI. Net income was reported at a loss of US$42.8m. Adjusting for non-recurring expenses, net income would have been US$3.8m.
Management guided for restructuring plans in FY15, reverting to a proven business strategy before DMFI’s acquisition in FY11.
Revised to “Accumulate” with new TP of S$0.665 at 19.0x FY16F EPS, factoring in pending equity financing (rights issue and preference shares).
Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"