15% likely allocation for Spur Tree shares

The last initial public of shares in Jamaica for 2021 went off with a bang and preliminary data show that the issue attracted $1.3 billion for the Spur Tree Spices Jamaica’s offer of 335,391,848 ordinary shares at $1 each, with 180 million units offered to the general public it means that the average take will be just over 15 percent.
With 155 million reserved shares fully taken up, the 180 million units available to the public was oversubscribed by more than five and a half times, which would result in each applicant getting around 15 percent of what they applied for based on a proportional level of allocation of the shares offered to the general public. The Company reserves the right to allot shares to applicants on a basis to be determined by it in its sole discretion, including on a pro-rata basis.
Proceeds will be used to pay listing expenses, with the remainder to be used for the repayment of debts of $170 million and to facilitate business expansion.
Revenue in 2020, grew 22 percent over the prior year to $701 million and at a compounded annual growth rate of 25 percent from $290 million in 2016.
Profit before tax in 2020 rose 52 percent to $82 million, from $54 million in the prior year. Results to September 2021 show a profit of $116 million from revenues of $834 million suggesting that the full year should see a pretax profit of $155 million. Gross cash flow amounts to $115 million for 2020 up from $57 in 2019.
The company recently completed the purchase of Exotic Products Jamaica that processes and cans ackees. “Ackee is a highly demanded strategic product in our export markets and the Company plans to rationalize the operations of this newly acquired entity to double production over the next two years. This, combined with our plans to expand and grow the current Spur Tree product range, while expanding current markets both locally and overseas and accessing new markets should significantly improve our sales and profit performance in the coming years”, the company stated.
Total equity capital will rise to around $600 million from $275 million at the end so September. Current assets amounted to $357 million and current liabilities at $221 million and cash on hand of $56 million.
Earnings per share should end the year at 11.5 cents before taxation and puts the PE at an attractive 8.7 times earnings and below the market average of 14.4 currently. IC Insider.com projects 18.5 cents earning for 2022 from a profit of $300 million at a PE of 5.4 times 2022 profit, on this basis, investors who wanted more shares in the public offer could reasonably buy the stock up to the $2 level, with the expectation of a bright future for the company.

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