INDRA SISTEMAS: ITP Aero would not look value-destroying at first glance | BUY | EUR14(+56%)
INDRA SISTEMAS - BUY | EUR14(+56%)ITP Aero would not look value-destroying at first glance
Indra confirmed talks with Rolls-Royce were in an advanced stage
We estimate a deal would be EPS-neutral even with a rights issue
Financial leverage would not be heavily increased
The future on Minsait may be on the table if a deal takes place
Indra Sistemas is engaged in the design, development, manufacture, assembly, repair, and installation of computer software and applications. Through its subsidiaries, Co. is engaged in consulting, graphic design and multimedia, web design and marketing, internet development and electronic trade, systems integration and hosting geared business to business and business to consumer, as well as in internet financing and electronic marketing. Co. serves defense and security, transport and traffic, energy and industry, telecom and media, finance and insurance, and public administration and healthcare markets. Co. operates primarily in Europe, the United States, Canada, and Latin America.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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