United Internet (Buy; €40; +90%) IONOS IPO: Selling high to buy low?
Unimpeded by the ongoing IPO process, we take an independent look at IONOS and the IPO valuation range. We remain cautious on the outlook for the IONOS business, which we value at a €3.5bn EV after leases – below the current IPO range (€3.8-4.4bn after leases). From a United Internet perspective, the sale of IONOS shares at a premium to our fair value represents modest upside and – more importantly – raises the prospect of a 1&1 minority buyout.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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