Giordano’s Conditional Offer at HK$1.88
We think there is a 50% chance that the VGO meets the 50%+ minimum acceptance condition. Buy up to HK$1.74 per share, which implies a 50% deal...
Giordano's Possible Privatisation Price
The median trailing EV/EBITDA multiple of the precedent transactions is 5.1x, implying a privatisation price of at least HK$2.46 per share.
Li Ning (2331): Marching On
Li Ning's valuation and share price may sound expensive but the appeal of an online focus business with higher profitability and leaner capital...
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