Ingenico: boosted by takeover of Verifone
(CercleFinance.com) - The Ingenico share was soaring 6.
9% at 72.5 euros at 11 am this morning, the sharpest riser in the SBF 120 after last night's announcement of the acquisition of Verifone, its American competitor.
A consortium of private equity funds led by Francisco Partners will buy the group for 23.04 dollars per share, which represents a premium of 54% relative to yesterday's closing price 15 dollars. This means an EV of 3.4 billion dollars according to the company, says Invest Securities, for which the deal provides benchmark multiples.
Ingenico is currently trading on the basis of 2018-19 EV/Sales of 2x-1.8x, EV/EBITDA of 10.2x-8.8x and a P/E of 13.1x-11.6x. The Verifone transaction shows an undervaluation of 25% to 30%, the analyst continues, according to whom this deal will relaunch speculation around the case, with a list of contenders that is set to expand to the recently cited Worldline and Wirecard.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
9% at 72.5 euros at 11 am this morning, the sharpest riser in the SBF 120 after last night's announcement of the acquisition of Verifone, its American competitor.
A consortium of private equity funds led by Francisco Partners will buy the group for 23.04 dollars per share, which represents a premium of 54% relative to yesterday's closing price 15 dollars. This means an EV of 3.4 billion dollars according to the company, says Invest Securities, for which the deal provides benchmark multiples.
Ingenico is currently trading on the basis of 2018-19 EV/Sales of 2x-1.8x, EV/EBITDA of 10.2x-8.8x and a P/E of 13.1x-11.6x. The Verifone transaction shows an undervaluation of 25% to 30%, the analyst continues, according to whom this deal will relaunch speculation around the case, with a list of contenders that is set to expand to the recently cited Worldline and Wirecard.
Copyright (c) 2018 CercleFinance.com. All rights reserved.