Front page Bisnis Indonesia quoted an un-named executive who outlined Bumi’s plans with regards to Bumi Mineral. Key highlights:
>> Bumi has appointed a couple of global banks to value Bumi Mineral. The global banks indicated a US$2bn valuation potential for a 100% stake.
>> Bumi Mineral plans to offer 25-30% shares to the public in September, raising around US$600mn. The September timetable is set according to Bumi Mineral’s hope to obtain its operational licence in the near future.
>> Within Bumi Mineral – Gorontalo (80% owned by Bumi) should get its development licence this month. Herald Resources (98% owned) should get the licence in the next two months.
>> With the listing transaction, Bumi will facilitate the purchase of Bumi Mineral by CIC, who is looking to put in US$250mn.
>> CIC will also buy an equity stake in Bumi Resources when the company conducts its non-preemptive rights offer.
>> Kenneth P. Farrel, currently a director in Bumi Resources, will become the CEO of Bumi Mineral.
Stevanus Juanda got an indication that BUMI's 1Q10 net income could come in between $75-$100MM. Assuming a quarterly run rate of US$75-100MM, this would equate to yearly net income between US$350-US$400MM. This indication makes Steve's FY10 profit forecast of US$273mn (19.5x P/E) looks ridiculously low; consensus estimate stands at US$377mn (14.0x P/E) with the highest estimate at US$490mn (10.8x P/E). Consensus EPS looks conservative to me, suggesting undervaluation by the market. O/W.
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