STX OSV

STX OSV: Goldman says STX Group’s 50.75% stake sale reportedly imminent, with the Maeil Business Newspaper (dated 18 May) saying that a preliminary agreement would be signed during the wk of May 21, and that the deal value would be based on May 18’s closing price ($1.61 /sh). Recall Bloomberg reported that Italy’s state-owned cruise shipbuilder Fincantieri and private equity firm The Carlyle Group were the likely buyers. Assuming that the deal was done at $1.61 per share, it would value the 50.75% STX OSV stake at $964m, and imply 2012E/13E P/E of 8.0x / 7.9x, P/B of 2.3x / 2.0x and EV/EBITDA of 4.8x / 4.5x. This compares with STX OSV’s historical average (since listing Nov ’10) for 5.3x P/E, 1.8x P/B and 3.6x EV/EBITDA. Goldman notes, according to SGX rules, any buyer would be required to immediately extend a general offer for the remaining shares of STX OSV and at a per share value not less than the stake sale price.