RE: What's going on?22 Sep 2025 15:49
Thanks. Found a few articles saying they have appointed Evercore to prepare for a sale. Sounds like it will be 6-12 months realistically though.
https://www.fnlondon.com/articles/parmenion-enlists-evercore-to-start-work-on-potential-sale-d97a5cab
Any views on how to value this? I know they have 30% of Parmenion as well as £30m of loan notes relating to this also. I also know they had 'this' valued independently at £75-90m back in sept 2023, which would roughly translate as 50-60p per share. Assuming of course that it hasn't increased in value by then. I've also seen figures of £300-400m for Parmenion bandied about, which would be £90-120m. The business is growing rapidly, and did £17.5m operating profit in 2024, so could be around £20m in 2025. So those valuations look to be the right sort of ball park.
But unclear to me whether this takes into account the £30m loan notes, ie take it at face value. Or excludes them so add them (another 20p per share) to the valuation? Or a bit of both ie need to adjust Parmenion valuation down for debt, but then add £30m to RVRB's share of Parmenion?
Thoughts anyone?