Dow Jones Newswires stated that BNBR plan to exercise call option later this year on BUMI and ELTY. BNBR has call option on 4.2% BUMI shares with exercise price of Rp1,700/share, and on 7.8% ELTY shares with no publicized exercise price.
The option exercise, which is estimated to cost around US$150mn, may be funded from internal cash or by issuing bonds or seeking bond loans. We think internal cash funding is not feasible given that Mar’31 09 cash position was at only Rp734bn.
If we conservatively assume that BNBR only exercise BUMI shares (as there is no public information on ELTY call option exercise price), and we found that potential gain from BUMI call option exercise is Rp448.2bn or equal to Rp4.8/BNBR shares (we use yesterday BUMI closing price as the benchmark).
SOTP valuation results in fair price (without conglomerate discount) of Rp117/share (using subsidiary fair price) and Rp159/share (using Jun10’ 09 market price).
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