Author Topic: Fairfax India new issue  (Read 98877 times)

petec

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Re: Fairfax India new issue
« Reply #230 on: April 03, 2018, 03:54:52 AM »
I can't find the source, but if my memory serves me correct, Watsa addressed the premium.

It's in the Fairfax India 2018 letter. The second bloc was at a higher price because it enabled them to remake the board, name the CEO, and "generally to allow it to be managed according to Fairfax India's standards of corporate governance and guiding principles".

The first bloc was at 8.7x FCF excluding the land bank so even the second bloc, at almost twice the price, was inexpensive.


FairFacts

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Re: Fairfax India new issue
« Reply #231 on: April 03, 2018, 01:30:33 PM »
According to the press release last week, FIH is paying $67mil for the additional 6% of BIA.

At 12/31/17 in their Shareholders letter they were holding 48% of BIA at a cost of $585mil and a MV of $608mil. If this is correct they picked up the 6% at a discount both to their12/31/17  cost and MV.

Am I missing something?


petec

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Re: Fairfax India new issue
« Reply #232 on: April 04, 2018, 01:07:59 AM »
See above. They paid a higher price for the bloc that enabled them to remake the board and name the CEO. So that has inflated YE17 average cost. I'm not sure what the MV is off the top of my head - it's not listed.

hobbit

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Re: Fairfax India new issue
« Reply #233 on: April 09, 2018, 12:49:42 PM »
https://www.bloomberg.com/news/articles/2018-04-09/new-york-s-jfk-booted-out-of-world-s-top-20-busiest-airports

wrt to india and bial...delhi is at 16 with 63 million passengers growing at 14% yoy...

also below is a recent conversation where watsa discusses fairfax India..interesting insights into role of Deepak Parekh as well.

https://www.youtube.com/watch?v=4XuBysRnGNc
« Last Edit: April 09, 2018, 06:09:20 PM by hobbit »

alpha

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Re: Fairfax India new issue
« Reply #234 on: April 09, 2018, 04:05:24 PM »
https://www.bloomberg.com/news/articles/2018-04-09/new-york-s-jfk-booted-out-of-world-s-top-20-busiest-airports

wrt to india and bial...delhi is at 14 with 63 million passengers growing at 14% yoy...

also below is a recent conversation where watsa discusses fairfax India..interesting insights into role of Deepak Parekh as well.

https://www.youtube.com/watch?v=4XuBysRnGNc

Great interview, thanks

hobbit

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