Raising CSRA’s FVE to $40.75 on Assumption That General Dynamics Acquisition Will Go Through
We think wide-moat General Dynamics’ $9.6 billion takeover of narrow-moat CSRA will be successful, and as a result, we are raising our CSRA fair value estimate to $40.75 per share from $34. We think that antitrust risk is low. The U.S. government services market is quite fragmented, with multiple players. There are nine contractors with $1.5 billion in revenue or more (compare this to hardware, which has five major contractors). After the deal, this drops to eight contractors and only two have r...
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