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An ASX share that only listed a few weeks ago is being ignored by investors, even though next month’s reporting season could light a fire under it.
That’s according to Wilson Asset Management portfolio managers Matthew Haupt, Catriona Burns and Oscar Oberg, who reckon the pathology services provider has bright long-term prospects.
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Australian Clinical Labs Ltd (ASX: ACL) continues to benefit from record levels of testing due to the coronavirus, which have extended further given the spread of the more infectious Delta variant,” they wrote in a memo to clients.
“The company has 86 accredited laboratories and services in approximately 90 public and private hospitals.”
Pepper adds another $50m to IPO, now raising $500m
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Non-bank lender Pepper Money has increased its initial public offering to $500 million from $450 million.
Pepperâs brokers told fund managers on Thursday that the increased offer would see the companyâs owner, KKR-led Pepper ANZ Hold Co, own 60.6 per cent of the company on listing rather than the earlier advertised 64.5 per cent.
The added $50 million would be used to repay debt. Outside shareholder ownership would increase to about 40 per cent of the group on listing.
The brokers said the bookâs close was brought forward to 3pm Thursday.
Credit Suisse, Goldman Sachs and RBC Capital Markets, the joint lead managers, launched Pepperâs share auction on Wednesday afternoon after a few weeks of marketing to institutional investors and retail brokers.
Retail brokers test demand for Australian Clinical Labs
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A big retail broker syndicate is tasked with drumming up interest in the countryâs No.3 pathology play, Australian Clinical Labs.
Bell Potter Securities, Canaccord Genuity, Commsec and Ord Minnett have all been tapped as co-lead managers to Australian Clinical Labsâ IPO, while MST Financial was added as a co-manager.
Australian Clinical Labs performed 8.3 million tests in 2020. Â
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The brokers are tasked with selling Australian Clinical Labs shares to retail clients - to ensure the pathology group gets the spread required to list and ends up with a balanced share register.
Australian Clinical Labs terms: $408.6m IPO at $4 a share
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Stockbrokers Bank of America and Goldman Sachs have widened the buyer search for IPO hopeful Australian Clinical Labs.
The brokersâ equities desks sent terms to fund managers on Wednesday morning, and said they would be back with an institutional bookbuild to sell shares and lock in the listing on Tuesday April 27.
Street Talk. Â
Erin Jonasson
The term sheet said Australian Clinical Labs would seek to raise $408.6 million at $4 a share.
The price represented 15-times forecast profit for the 2021 calendar year, 9.9-times EBITDA on an AASB 117 basis and implied a 3.4 per cent dividend yield.
Aus Clinical Labs: $400m raising for IPO
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Pathology group Australian Clinical Labs is seeking to raise $400 million in a deal valuing the group at $750 million to $800 million on a market capitalisation basis.
ACL wants its shares to trade on the ASX late next month. Â
Louie Douvis
Australian Clinical Labsâ owner, private equity firm Crescent Capital Partners, has its bankers at Bank of America and Goldman Sachs taking cornerstone bids, in an effort to have the raising locked away by mid this week.
Investor sources said the cornerstone book was at 14 to 15-times forecast profit on Monday night. Based on CY21 NPAT forecasts of $53.6 million, the deal would value ACL at as much as $804 million.