Report
Nicolas Montel

FLASH - Maurel & Prom - Strong Buy - TP: €5.25

Maurel & Prom announced on Monday morning a takeover bid for Wentworth Resources, which holds as its sole asset a 32% stake in the Mnazi gas field, which is 48% owned by Maurel & Prom. Despite the 30% premium offered over the last price, we believe that this transaction will create value for Maurel & Prom if it is completed. The purchase price of this stake (net of the target's cash and expenses) is $50m, whereas we estimate its value at $74m (upside of 12 cents per share).
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Portzamparc Sponsored
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​Portzamparc is a subsidary of BNP Paribas which adapted the mission to contribute to responsible and sustainable growth of private clients, management companies and SMEs . They offer personalized support adapted to the objectives in particular for Small and Medium-Sized Enterprises.

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Nicolas Montel

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