Shares & Derivatives
Some Amendments to my SPH Sum of the Parts Valuation
By Investment Moats  •  May 8, 2018
Yesterday, I wrote about my short exercise to value SPH using sum of the parts. I realize I was not vigilant enough and missed out 3 segments:
  1. The Orange Valley Healthcare
  2. The REIT Property Management
  3. The Potential Future Development
#1 and #2 are tangible to compute at this point so I added into my SPH Valuation article written yesterday. The REIT property management would probably add $150 mil to the valuation. SPH couldn’t possibly sell it off, since another asset management firm would be able to manage 3 more retail properties. However, this is to factor in the recurring cash flow that comes into the business. We can conservatively add $108 mil for Orange Valley Healthcare. The future potential for this could be more. With this, the revised SOTP value we derived is $3685 mil or $2.30 per share. Currently, SPH is trading at 14% above this price at ......
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By Investment Moats
Investment Moats is set up by Kyith Ng and have been around since 2005. He aims to share his experiences making sense of money, how money works and ways to grow his money. It hopes that by sharing his experiences, both good and bad, season investors can advice and critique his decisions and new investors can learn from them and find their own style ...
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