Wendel: Oddo BHF still a buyer
(CercleFinance.com) - Wendel today announced that it has entered into exclusive negotiations with a view to acquiring a controlling stake in IK Partners from its partners.
The analyst says that the deal is based on a 51% stake worth E383m.
Following this announcement, Oddo BHF reiterates its Outperform rating on the stock, with a target price of E115.
Oddo BHF says that the deal will: i/ generate additional and regular sources of revenue and profit (target of E150m in management fees and E60m in pre-tax profit in 2024); ii/ create asset value (by helping the company to grow and thanks to Carried Interest); and iii/ mutualise certain central costs.
IK manages E11.8bn on behalf of third parties, and has invested in 180 companies since its creation in 1989, focusing on pan-European small and midcap companies.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The analyst says that the deal is based on a 51% stake worth E383m.
Following this announcement, Oddo BHF reiterates its Outperform rating on the stock, with a target price of E115.
Oddo BHF says that the deal will: i/ generate additional and regular sources of revenue and profit (target of E150m in management fees and E60m in pre-tax profit in 2024); ii/ create asset value (by helping the company to grow and thanks to Carried Interest); and iii/ mutualise certain central costs.
IK manages E11.8bn on behalf of third parties, and has invested in 180 companies since its creation in 1989, focusing on pan-European small and midcap companies.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.