PatientSky Group (Buy, TP: NOK3.00) - SaaS business divestment
PatientSky has agreed to sell its software business to EG for NOK850m–900m (based on a contingent earn-out), to be settled in cash. Part of the proceeds is to be used to repay the NOK225m outstanding bond, after which management estimates it would have net cash of cNOK650m–700m (NOK3.2–3.4/share). We reiterate our BUY and have raised our target price to NOK3.0 (2.2), assuming reinvestments of NOK50m in its platform business, with the remaining cash distributed to shareholders.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.