Hotel Property Investments

HPI: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.50	Bpry	Ktczcrkh

Corporate Action: Ignore Charter Hall’s Dud Takeover Offer

Adrian Atkins

Sep 9, 2024

We recommend rejecting the Charter Hall consortium’s uncompelling takeover offer for no-moat Hotel Property Investments, or HPI, providing this advice is consistent with your individual investing goals. The AUD 3.65 per share all-cash offer price is near the middle of our 3-star band. It represents an insufficient 4% premium to our unchanged AUD 3.50 per share fair value estimate, and a 10% discount to net tangible asset backing.

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