Yesterday Transpacific Industries (TPI0 announced the sale of their New Zealand waste disposal business for approximately A$880 million business

Yesterday Transpacific Industries (TPI0 announced the sale of their New Zealand waste disposal business for approximately A$880 million business. Macquarie have rated TPI Outperform on the back of the transaction. We calculate the price to be 8.9x our FY14e EBITDA forecast and it compares to our $844-893m valuation range. We view this as a good price as it capitalises on the current strength in the New Zealand economy and the boost from the Christchurch re-build. Robert Boucher, the CEO of Transpacific said, The sale of our New Zealand business gives Transpacific increased financial flexibility We will look to enhance our Australian waste management businesses. Details of the transaction are available on the following release: (VIEW LINK)


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