Saturday, January 12, 2019 10:17:47 PM
Both of those numbers (the $300B market cap and 15x multiple) are wildly optimistic, compared to both the Moelis projections and any other that I have seen. FnF earnings are much more likely to go down than up with Calabria at the helm.
That's without a junior conversion, but more importantly that's without any secondary offering whatsoever. Where is the money going to come from to recap the companies if not a secondary offering? And why would that money be willing to pay a price per share higher than that in the market?
Shares outstanding now: 1.8B
Shares issued via junior conversion (half of shares converted at 6:1 ratio): 7.95B
Warrant shares: 39B
Combined market cap of companies: $200B
Price per share: $4.10
That's without a secondary offering!
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