OZL has received an unsolicited, conditional and non-binding indicative proposal from BHP Group Limited (BHP:AU, not rated), to acquire all shares in OZL for A$25.00/sh in cash via scheme of arrangement.
We have highlighted major takeaways from UMG’s recent trading update, including FY22e EBITDA guidance, FY23e EBITDA guidance, balance sheet and earnings drivers.
We expected Q2 to be tough for JHG, but the figures were worse than we expected. Our price target is 18.3% above the current share price and we retain a BUY recommendation.