SOL (Soul Pattinson)

[trew]

OK I know this is a long shot but does anybody have any information about SOL they can share here or send me ?

SOL has controlling interests in New Hope (coal miner) and Brickworks
also major holdings in TPG and other companies.
They have been buying stakes in gold miners and explorers recently

The cross holding with Brickworks is a turn off for many, including funds etc - it is not even included in the ASX indexes because of it
SOL and Brickworks own about 40% of each other, blocking any possibility of a takeover
It does not seem to be highly followed by brokers - daily volume is low so day traders would avoid it as well


Anyhow, the parent company declares they have 400 million in cash, but the balance sheet shows another 1.5 Billion (with a B) in term deposits!
I cannot get info to explain where exactly this 1.5 billion sits - if it is in SOL or is part of the controlled companies (New Hope, Brickworks etc)
Ie: do they own all those companies AND 1.9 billion in cash, or is the cash actually mixed up with the companies ?

If anybody has access to a broker report on SOL, NHC (New Hope) or BKW (Brickworks) please let me know.

 

[finicky]

Soul Patts was Motley Fool Australia's April recommendation to subscribers.

28-Mar-13 BUY 14.24

Cash/Debt (m) : $1,601/$3

The second-oldest listed
business in Australia

"As at Jan. 31 this year, Soul Patts' share of all of its listed businesses totalled $4.25
billion, well in excess of the market's valuation of the company itself at only $3.33 billion."

FN Arena has only one broker assessing SOL, and the report dates back to April following first half results.

CIMB Securities
05-April-13
Target $14.79

"Solid H1
Biggest holding New Hope (NHC) reported 8.5% drop in earnings, but strong contributions from TPG Telecom (TPM) and Brickworks (BKW)
CIMB also notes that the comnpany continues to increase dividends while maintaing $205m net cash in kitty.
Neutral call maintained."


Skaffold rates SOL as grossly overvalued by the market, but then again it has valued it at well below its actual share price for the 10 years that it covers
Only one analyst inputting earnings estimates and the program gives SOL an intrinsic value of only $3.93 in FY14, $5.21 FY15!
As well as estimating much lower intrinisic values than its share price, Skaffold has seldom rated SOL as a stock of very high quality. It scored: B1, B3, B3, B3, B3, A3,B3, B3, B3, B3 from 2004 through H1 2013 (where A1 is Skaffold's highest quality and performance score)