APPLUS: ACQUISITION OF BESIKTA (ANÁLISIS BANCO SABADELL)
Acquires Besikta from Volati AB for € 101 M. BUY.One of the leading vehicle inspection companies in Sweden, with €~62 M of revenues (3.8% of APPS’s total sales’21e) and an adjusted EBITDA margin pre-IFRS16 of ~18% (above the group levels of 16.7% in 2019, although below those of the Automotive division, 23.9%). The implied multiple is 9.05x EV/EBITDA, above APPS’s trading level (5.7x EV/EBITDA’21e) and the last acquisition (Inversiones Finisterre in 2017, ~9x EV/EBIT). The deal does make strategic sense, as it strengthens the division and its operations in Nordic countries, and it has an impact of around +4.4% on EPS’21e and less than +1% on the valuation, leaving the gearing ratio at 3.1x in 2021e (vs. previous 2.8x). The acquisition is positive, although we do not expect much of an impact.
Applus Services SA is a Spain-based company that provides inspection, testing and quality assurance services. The Company's activities are divided into five segments: Applus+ RTD, which provides non-destructive testing services mainly to the oil industry; Applus+ Velosi-Norcontrol, which offers solutions for technical assistance, supervision, inspection, quality control testing, certification and consulting services mainly to industrial, electrical, oil and telecommunications facilities; Applus+ Laboratories, which focuses on laboratory testing, system certification and product development services within aerospace, industrial and consumer goods sectors, among others; Applus+ Automotive, which is responsible for the vehicle roadworthiness testing services, and Applus+ IDIADA, which delivers design, engineering, testing and certification services mainly to car manufacturers. The Company operates in Europe, Africa, Asia and the Americas.
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