In today’s briefing:
- Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky
- Exxaro’s Strategic Moves: Potential Full Buyout of Jupiter Mines Following JV Acquisition in Manganese Sector
Dalrymple Bay Infra Placement – Good Track Record but Might Be Too Chunky
- Brookfield Asset Management Lt (BAM US) aims to raise around US$278m via selling 23.3% of Dalrymple Bay Infrastructure L (DBI AU).
- The shares have performed well over the last year or so, with the company having delivered consistent DPU growth.
- In this note we talk about the deal dynamics and run the deal through our ECM framework.
Exxaro’s Strategic Moves: Potential Full Buyout of Jupiter Mines Following JV Acquisition in Manganese Sector
- Jupiter Mines’ valuation is implied at A$0.315/share, a 60% premium to current trading levels, following a JV sale.
- Exxaro Resources acquired a 20% stake in Jupiter Mines at A$0.315/share, indicating interest in further consolidation.
- The Tshipi Borwa mine, a Tier 1 asset, contributes ~6% to global manganese supply, primarily for steel production.
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