We’ve longed thought aloud that the Thai Baht should eventually return to THB 25/usd over the past few years and we continue to think this going forward. Yes people yell at us, “charlatan! fools! It will never go back!” and we’ve been hearing the same comments since we begun working here in 2004-5 when the […]

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So the essentials of the deal are as follows: CPALL agreed with MAKRO’s major shareholder, SHV Nederland B.V., to acquire its 64.35% (154.4m shares) in Makro @ THB 787/share. Funding is 90% debt financing, 10% internal CF, no equity capital call. Purchase price of MAKRO is @ 42.9x of 2013F (as per analyst’s estimates) Debt […]

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