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Brokers' Take

The ADM Cocoa deal is valued at an EV (enterprise value) of US$1.3 billion, representing 14.4x FY14 estimated EV/Ebitda (earnings before interest, tax, depreciation and amortisation) or 6.5-7.2x on a steady state basis.

Vard Holdings


DMG & Partners Research | Jan 9 |

Jan 9 close: S$0.61

Target price: S$0.51

THOUGH it has fallen 42 per cent in six months, we think that Vard's