Crayon (Buy, TP: NOK180.00) - Crayon to acquire Rhipe
As speculated over the last couple of days, Crayon has now confirmed that it has submitted a non-binding indicative proposal to acquire Australian competitor Rhipe at AUD2.5/share, implying ~18x 2021e EV/EBITDA on consensus estimates. While it is still relatively early in the process, we find the deal to be attractive from a Crayon point of view, and see limited room for higher bids from other suitors given the valuation.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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