Wow. Market really loves this! Up double digits.

My recent lowball topups worked for a change!

Even with todays jump to 4.80+ it could move higher if it returns to its recent PE training range. With predicted eps of 24.3c (from yesterdays presentation) this year, it’s now trading at a FPE under 20. Prior to the announcement it was trading at 4.20/18.1c = PE23.

Which raises an interesting question: A knowledgeable seller just sold CMI to IPG for 6.6x EBIT, should the market value it at the prevailing EBIT of IPG or...

I have followed ECL for a while, the CMI business is quite cyclical. I think IPG have been pretty prudent here in using equity to fund this deal even though the temptation could have been to juice short term returns by using debt. Definitely is bonus points to management who err on being conservative especially in a cyclical.

Good work watching ECL @UlladullaDave

Frustration of being a lic fund when the non listed investments are not properly valued. I never thought Excelsior would be holders. Instead I would think Argo global infrastructure would have this so this is a missed opportunity from Argo infrastructure.

Now I have a small cap vying for top holding against Data3. Seeing some huge tail and cyclical risk in my portfolio now.

I think if you speak to the bagholders in ECL, lack of mark to market valuation is way down the list of gripes.

This gives a bit of colour around the Catelans.

https://www.couriermail.com.au/business/takeovers-panel-slams-ray-catelans-cash-gift-to-daughter-and-cmi-share-purchase/news-story/0efb17aff0c7e8e348058078150dce8a