In today’s briefing:
- National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86
- BHP: Few Viable Targets After Anglo Bid Abandoned
National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86
- National Storage REIT (NSR AU) has received a non-binding proposal from Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.
- The Board has granted exclusive due diligence until 7 December. A scheme offer would be conditional on FIRB, NZ OIO and ACCC approval.
- The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a binding proposal.
BHP: Few Viable Targets After Anglo Bid Abandoned
- BHP has abandoned a last minute bid for Anglo American, which will likely see the latter’s planned merger with Teck with proceed
- We consider other potential targets for BHP, all copper, concluding that most seem unlikely for now, especially with the company stating a focus on organic growth
- BHP faces the risks of a decline in iron ore (consensus) and copper (non-consensus) prices in our view, while it trades at premium to the sector and above our DCF
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