Edison Investment Research - Scisys Group (SSY) SCISYS Group - CGI to acquire SCISYS for 254.15p in cash

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Edison Investment Research

SCISYS Group - CGI to acquire SCISYS for 254.15p in cash

The Canadian IT services company CGI is acquiring SCISYS for 254.15p in cash. The offer price represents a 24.6% premium to Thursdayâ€™s closing price and values the entire issued and to be issued ordinary share capital of SCISYS at c Â£78.9m. In addition, SCISYS shareholders will receive the final dividend of 1.73p. The offer price translates to c 20x our FY19 earnings forecast, which falls to c 19x in FY20e and 18x in FY21e. Alternatively, the offer values the business at 1.2x FY20e revenues and 11x EBITDA.

14/06/2019 2 EN

Underlying

Scisys Group

SciSys designs and delivers bespoke software systems, customized product solutions and professional services. Co. has four divisions: Space, which combines work for space institutions in specialist research and development with marketing and delivers commercial off-the-shelf software, and bespoke software solutions to commercial space operations; Enterprise Solutions & Defense, which creates software systems across defense, security and maritime, government and emergency services, and commercial business groups; Media & Broadcast, which provides radio broadcasting solutions, the dira! software solutions suite; and Xibis Ltd, which is a software house focuses on web and mobile-app solutions.

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IE00BD9PKV79 United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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SCISYS Group - CGI to acquire SCISYS for 254.15p in cash

SCISYS Group - Confident, in line, on record opening order book

SCISYS Group - Outlook is 'very encouraging'

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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