SNSN schreef op 5 februari 2014 12:11:
[...]
As for the fair value ~4.0 for “new kpn” (after rights issue), it is derived in both relative (the most reliable - described several times since last May - see old posts) and absolute evaluations (well described couple of times by another forum member). The relative evaluation methodology was also described in relation to the
min price (~1.75) for “new kpn” when market prices were ~1.4-1.5 (see old posts)
As for the objectives and other stuff, let’s talk when kpn is priced at fair value.
Actually you were right with the role of 2.40 level. Indeed, investors don’t need stops.... But, with one correction - CS could not (and was never going to) buy 100% of kpn - that was a trivial tactical play to (partially) unlock the value (see old posts since last Aug.)
Again, if you look at underlying processes since May 2012, you could see (as a prof) what was really going on. Because of a special shareholders’ structure, small investors were destroying their own value, taking “small real losses” (to avoid bigger “paper losses“) again and again .... attempting to repurchase lower and lower.... But, actually they were following artificially imposed (by active profs) optimized (technical) “risk-less” strategy -”short kpn”. That strategy was triggered by couple of former main shareholders (~25% together) which were leaving after new main shareholder CS succeeded..., there were some other stuff as well