|2 Way Traffic N.V.
||ORD EUR0.01 (DI)
||EPS - Basic
||Market Cap (m)
|Fixed Line Telecommunications
|elmfield: Thought I would start a new thread in an attempt to spread the word to others, I am sitting on a stake here bought at 125p last year and more at 145p this week, I think this will motor when the press gets its teeth in, I reckon now nobody has really realised except a very few as there have been some hefty trades last few days on a rising share price, as ever DYOR! Good luck all.|
|magnerita: Hi Elmfield - looking at this one as well.
In terms of valuation these are my thoughts:
After share issue there will be 130m shares. At the current share price, this gives a market cap of £176m
The group had net cash of say £15 in Sept, they will pay £70m in cash for the acquisition. So net debt of £55m.
Assuming EBITDA of £10m of the current business plus EBITDA of £15m contribution from the acquisition gives EBITDA of £25m.
Assuming 6% interest on debt, 30% tax rate - i get to an EPS of 11.3p.
So EV/EBITDA of 9.2x and PER 12x all on 2007 estimates (to June).
Looks definitely interesting - i dont own yet. I have to do some reading on the business.|
|master rsi: Today's NTL
and why did not pay too much premium for TLWT as ther share price has not done so well as TLWT has been well UP|
|angry eric 2: If NTL pay cash for TWT shares does that mean TWT share holders lose all their shares? Any one any idea how mergers work? Does one company just pay cash for the others shares?|
|angry eric 2: Does any one have an idea how the merger of TLWT and NTLI will affect the share price of Telewest shares?|
|adamstip: Sunday express reporting that flextech about to be sold for 800 million sterling. should boost twt price in the states on monday, too little too late for me.
* German media group RTL prepared to bid up to 800 mln stg for digital TV group
Flextech - Sunday Express
* Contractors (AMEC, Fluor, Jacobs, Bechtel) could earn 4 bln stg from nuclear
clean-up deals) - Independent on Sunday
* UK's largest radio companies shunning the auction of THE WIRELESS GROUP, run
by former Sun editor Kelvin MacKenzie, because they do not want to compete with|
|maut too: The shares are still well up on the last UK traded price and the average price I paid :-))
July 20, 2004
Telewest shares slip on first day of trading
By Dan Sabbagh TIMES
TELEWEST, the cable company, made a disapointing start to its life after restructuring when its shares fell on their Nasdaq debut.
The stock fell 70 cents to $13.05 by lunchtime, meaning that, for the moment, massive grants of share options to the company's managers are out of the money.
However, generous packages of free shares mean that Telewest executives should still be well rewarded.
Cob Stenham, the veteran chairman, has been awarded stock worth £2.5 million on top of £450,000 in salary. Barry Elson, the company's acting chief executive, who is currently on leave following illness, has been awarded a pot of shares worth £1.7 billion on top of his $700,000 (£374,000) salary.
A tenth of the Telewest's newly issued shares have been set aside for options, priced at $13.70 a share. Mr Stenham, 72, has been awarded 1.225 million while Mr Elson has 980,000.
Telewest shed £3.8 billion of debt as a result of its restructuring, which took two years to complete. The cable company, Britain's second biggest behind NTL, is now worth £1.7 billion after yesterday's share price movement.
Telewest's largest shareholder on its relisting was WR Huff Asset Management, the New Jersey hedge fund, which holds 18.4 per cent, and has two representatives on the board. Huff is also the biggest shareholder in NTL.
Tomkin - 20 Jul'04 - 07:52 - 206 of 206 (Filtered)|
|maut too: you are a drip dreamer - how do you ramp shares that are not traded lol
I suspect the motives of the djwr and although far more intelligent than you - he or she is proving very predictable so far
I have talked and been in contact with the directors of Telewest and most of the financial authorities concerning TWT and clearly know a tad more than you or djwr who seems to be changing from a newcomer to a seasoned investor overnight
The 1.5p was not a price prediction but like I say you are not intelligent enough to know the difference - no one on this bb will be capable of moving the share price on the newly restructured company - least of all you :-))
so far you must have made at least 10% of all the posts on this thread without making any contribution .... no change there then|
The value of NTL, or the market cap is 4844941200 USD on 15 July 04.
That is 87060938 shares at 55.65 USD each.
[Didn't NTL open at $17 and eventually reach $70 +, before retreating to its current $57]
There is a chart here, select 2 yrs
Assume that NTL is trading now at a reasonable value. The $17 or so was very low, and the $70 high. That is not to say that the $70 cannot be reached again, or even the $17. But I think that the point here is that Telewest has a reference in NTLI, and is unlikely to jump by a factor of 70/17, or even 55/17. Telewest will start off about right. In fact the 13.75 USD share price looks about right.
This is how I see things...
The new telewest shares in issue [given to the old shareholders] are 3675000, and are 1.5% of the company, leaving 241325000 for the others, giving a total number of shares of 245000000 to be issued.
Take the 3675000 shares and multiply by 804.4, to give the UK shares in issue before the d4e, ie 2956170000.
At a UK closing price of say £0.0075, the value is 2956170000 * 0.0075 which is £22171275.
But this represents 1.5% of the new company, and if divided by the new shares, 367500, gives a sterling new share price of £6.03, or at a USD rate 1.86, a share price of 11.22USD.
The market cap of the whole new company is £[100*22171275/1.5] and in USD multiply by 1.86 giving 2749238100 USD.
Now compare this 2749238100 USD market cap of Telewest with that of NTL of 4844941200 USD. It is 57%.
The above, £22171275, £6.03, $11.22, $2749238100 and 57% are all based on the UK closing price of £0.0075.
Previously, in post 50, I suggested that the market cap for Telewest should be about 2/3 of NTL at about 3.2b. Changing the UK share price in the calculation to £0.00916 gives a US share price of $13.70, [£7.37], and a market cap of $3.35billion, or 69% of NTL. So yesterday's indicated US price is not far wrong from what I calculated. ;-)
Note that an old UK share price of 1.32 pence, or $19.75 now, would make new Telewest have the same market cap as NTL.|
|son of nadz: ah yeah, blame everything else for the twt share price part from the debt and inertia to do anything about it. Whatever makes your lost feel better MC, whatever.
poo boy look at MDY..duffy!|
2 Way Traffic N.V share price data is direct from the London Stock Exchange