Report
Jeremy Garnier

Antalis International : New shareholding structure found – Forthcoming takeover at € 0.73 per share

>2019 results down, as expected - Yesterday, and earlier than expected, Antalis published its unaudited 2019 results with revenues a shade below our forecast at € 2,074m, down 10.3% (vs an estimated € 2,116m, -8.4%e). The l-f-l decline stood at -8.6%. EBITDA was € 54m, i.e. a margin 2.6%.Binding put agreement with Japanese group KPP – Takeover in prospect - 2019 results continued to be penalised by the marked decline in the paper market (-8% in 2019)...
Underlying
Antalis SA

Antalis SA, formerly known as Antalis International SASU, is a France-based company engaged in the miscellaneous specialty retailers industry. The Company is a distributor of paper, packaging solutions and visual communication products for professionals. It operates through various brands, including Carta, Claro, Coccon, Dito, Idem, Mohawk, RePrint, Xerox, Tom&Otto, Novatech, ePacker, Masterline, Forex, Kapa, Dispa, Dibond, Orafol, Priplak, Avery Dennison, Coala, Pioneer, Image, Data Copy and Data Copy, among others. The Company is a wholly-owned subsidiary of Sequana. It operates internationally in Poland, China, Brazil, Belgium, Bulgaria, Austria, Norway, India, Romania, Colombia, Japan, Mexico, Estonia, Slovenia and Peru, among others.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Jeremy Garnier

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