Not a bargain on a stand-alone basis. The 50% stake in VTTI does not come cheap at an estimated 1-year forward acquisition PER of 24x, vis-àvis 12-15x for listed tank terminal companies. Also, MISC is paying a US$185m or 25% premium over the 50% stake’s NTA of US$550m as at 31 Dec 2009.
MISC Berhad : VTTI Does Not Come Cheap - 19/5/2010
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