ADS' Epsilon Divestiture a Mild Positive; Investors Should View Sell-Off as an Opportunity
Narrow-moat Alliance Data Systems has followed through on the much-anticipated divestiture of its Epsilon marketing business to Publicis. In total, Publicis will pay $4.4 billion for Epsilon, which translates to 9.3 times the segment’s 2018 adjusted EBITDA and nearly 30 times 2018 GAAP operating income. Given the stock’s negative reaction, it appears the market was expecting a higher deal price. In Epsilon, Publicis is buying a segment whose revenue declined more than 4% in 2018, partly driven b...Alliance Data Systems is a provider of data-driven marketing and loyalty solutions. The company operates in two segments: LoyaltyOne? and Card Services. LoyaltyOne provides coalition and short-term loyalty programs through the Canadian AIR MILES? Reward Program and BrandLoyalty Group B.V. Card Services encompasses credit card processing, billing and payment processing, customer care and collections services for private label retailers as well as private label and co-brand retail credit card and loan receivables financing, including securitization and other funding of certain credit card and loan receivables that it underwrites from its private label and co-brand retail credit card programs.
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