VALUATION – AUSTRALIA

ATO urged to stop valuations

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Original article by Nassim Khadem
The Australian Financial Review – Page: 9 : 20-Jan-15

A review of the Australian Taxation Office’s administration of valuation matters was issued by Assistant Treasurer Josh Frydenberg on 19 January 2015. The review, by Inspector-General of Taxation Ali Noroozi, proposed that valuation only be required "where it has the highest net benefit". Noroozi states that the valuation process has been innately subjective. One of the review’s nine recommendations is that businesses smaller than a certain size be exempt from undertaking valuations

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIA. DEPT OF THE TREASURY, BDO AUSTRALIA LIMITED, KPMG AUSTRALIA PTY LTD, CORPORATE TAX ASSOCIATION, AUSTRALIA. OFFICE OF THE INSPECTOR-GENERAL OF TAXATION

Coopers puts up ‘not for sale’ sign

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Original article by Eli Greenblat
The Australian – Page: 17 : 8-Oct-14

The 143 stakeholders in family-owned Coopers Brewery recently voted to amend its constitution. It means that the valuations issued for the shares, which can only be traded among family members, will not be influenced by takeover offers from outside parties such as major rivals Lion or Carlton & United Breweries. Lion had launched an ultimately unsuccessful bid for the South Australian beer group in 2005 that was worth $A420m. The price per share at the time if disregarding the bid was $A190 compared with the $A310 offered, or $A260 based on the original approach

CORPORATES
COOPERS BREWERY LIMITED, CARLTON UNITED BREWERS, FOSTER’S GROUP LIMITED, SABMILLER PLC, LION PTY LTD, KIRIN HOLDINGS COMPANY LIMITED, KPMG AUSTRALIA PTY LTD

Medibank may deliver $5.7b at sale

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Original article by Jessica Gardner
The Australian Financial Review – Page: 4 : 30-Sep-14

Analysts have previously valued Medibank Private at between $A4bn and $A4.5bn. Goldman Sachs has suggested that the health insurer could potentially be worth between $A4.1bn and $A5.7bn, while Deutsche Bank values it at $A4.2bn to $A5.3bn. Watermark Funds Management’s Omkar Joshi says the Australian Government is likely to place a lower valuation on the stock in the hope that it will rise on the first day of trading on the sharemarket

CORPORATES
MEDIBANK PRIVATE LIMITED, GOLDMAN SACHS AND PARTNERS AUSTRALIA PTY LTD, DEUTSCHE BANK AG, WATERMARK FUNDS MANAGEMENT PTY LTD, AUSTRALIA. DEPT OF FINANCE, MACQUARIE CAPITAL PTY LTD, NIB HOLDINGS LIMITED – ASX NHF, STANDARD AND POOR’S ASX 200 INDEX, RAMSAY HEALTH CARE LIMITED – ASX RHC, HEALTHSCOPE LIMITED – ASX HSO

Don’t make any sudden moves

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Original article by Philip Baker
The Australian Financial Review – Page: 29 : 12-Aug-14

The Australian sharemarket’s longer-term trading average is about 14.5 times forward earnings, and the general consensus is that this represents fair value. However, the forward price-earnings ratio of blue-chip industrial stocks in the S&P/ASX 100 is currently nearly 17 times, compared with a long-term average of around 15 times. Telstra, Wesfarmers, James Hardie Industries and Amcor are among the stocks that contribute to this

CORPORATES
TELSTRA CORPORATION LIMITED – ASX TLS, WESFARMERS LIMITED – ASX WES, JAMES HARDIE INDUSTRIES PLC – ASX JHX, AMCOR LIMITED – ASX AMC, RAMSAY HEALTH CARE LIMITED – ASX RHC, DOW JONES INDUSTRIAL AVERAGE INDEX, JB HI-FI LIMITED – ASX JBH, REA GROUP LIMITED – ASX REA, HENDERSON GROUP PLC – ASX HGG, GRAINCORP LIMITED – ASX GNC, BORAL LIMITED – ASX BLD, UBS HOLDINGS PTY LTD

Big offer for Lew’s Country Road stake

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Original article by Sue Mitchell
The Australian Financial Review – Page: 11 : 22-Jul-14

Country Road executives have advised shareholders to accept Woolworths Holdings’ offer of $A17 per share. Businessman Solomon Lew has an 11.8 per cent stake in the retailer, and his support for the offer is crucial if Woolworths is to gain full ownership. An independent expert’s report by Lonergan Edwards & Associates has valued Country Road shares at between $A14.92 and $A16.22

CORPORATES
COUNTRY ROAD LIMITED – ASX CTY, WOOLWORTHS HOLDINGS LIMITED, LONERGAN EDWARDS AND ASSOCIATES LIMITED, DAVID JONES LIMITED – ASX DJS, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WITCHERY FASHIONS PTY LTD, MIMCO PTY LTD