Vitesco : A relatively rich offer justified by synergies potential and deal structure
>A relatively generous offer, in our view, target price raised to € 91 vs € 80 - Schaeffler AG (SHA, Outperform), yesterday announced its intention to launch an all-cash public tender offer for Vitesco at € 91 a share, or a ~20% premium to the 3-month VWAP (note that the stock was up 44% YTD and up 23% since the spin-off from Continental in H2 2021 ahead of the announcement). Valuation-wise, the deal values Vitesco on multiples (>0.4x EV/Sales, 9.5x EV/EBIT, P/E 12.5...
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.
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