A top analyst warned that MultiChoice is only worth around R60 per share and current shareholders should take their money and run.
Shane Watkins from All Weather Capital warned that MultiChoice is only worth around R60 per share and that current shareholders should take their money and run.
“Instead, MultiChoice reported a R9 loss per share, and the company is in a negative equity position.” There is also another R1.5 billion in once-off foreign exchange contract profits, which is unlikely to be repeated. It also faced regulatory hurdles, including approval from the Independent Communications Authority of South Africa and the Competition Commission.
He commented on what current MultiChoice shareholders should do: “On the balance of probabilities, I will take my profits and run.”Canal+ made a cash offer to all MultiChoice shareholders for R125.00 per share. It already owns 45.2% of MultiChoice.MultiChoice shareholders who do not accept the Canal+ offer will remain shareholders once the offer is implemented.
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