% | $
Quotes you view appear here for quick access.

Gafisa S.A. Message Board

you are viewing a single comment's thread.

view the rest of the posts
  • aco_brasil0192 aco_brasil0192 Jun 12, 2012 8:51 AM Flag

    Secondary Announced

    432 million shares of Gafisa pre-dilution.

    Assuming a PPS of R$2.60, market cap is R$1.123 billion.

    Independently assessed value for 20% Alphaville stake: R$359 million

    Current agreement: 70 million shares will be issued at R$5.11 (14% dilution)

    Alphaville holders want: 90 million shares at R$3.70 (17% dilution)

    Given current assessed valuation, GFA’s 80% stake of Alphaville is worth R$1.4 billion.

    Zell reportedly offered R$700 million for Gafisa and Tenda in March.

    Working from these estimates alone, the company is worth R$2.1 billion.

    R$4.86/share x 432 million shares = R$2.1 billion.

    Its hard to imagine that Gafisa management will accept anything less than that. A 50/50 compromise with Alphaville holders would be R$4.40/share.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
1.03-0.04(-3.74%)May 27 4:02 PMEDT