Comment / SATS capital adjustments lead to (value) stalemate

ID 118934289 © Oleg Dudko | Dreamstime.com

Singapore’s SATS is going through changes to align its capital structure to a rather ambitious, M&A-fuelled corporate plan.

And what about value?

While its stock story confirms the findings from the end of last month – despite several recent updates to the market – mixed feelings still abound following the €2.25bn enterprise-value takeover of France’s Worldwide Flight Services (WFS).

That’s particularly true if you put yourself in the shoes of a value investor now hoping for a remake of the rise that Temasek-backed SATS (ex-WFS) ...