Genting HK: may see interest after its 50% owned Norwegian Cruise Line files to raise as much as US$250m in an IPO. Neither the per-share price nor the amount of shares for sale were disclosed. Recall, NCL had mooted the idea of an IPO sometime Dec last yr.
NCL runs a fleet of 11 cruise ships. Sales topped >US$2b last yr (+8.5% yoy) and the cruise operator intends to use the proceeds of the offering to repay debt. Apollo Global Mgt is the 2nd largest sh/h with 38% stake, stemming fro a US$1b invmt 3yrs ago.
Even though GENHK had not indicated it would monetize its NCL stake, an IPO may provide better clarity on its sum-of-parts valuation.
Macquarie estimates the NCL stake to contribute US$0.10/sh to GENHK valuation, based on 9x 2011 EV/EBITDA, vs closest peer RCL which trades at 9.6x fwd EV/EBITDA.
Macquarie has a Buy rating on GENHK with TP US$0.56.
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