NCR Takeover Scenario Playing Out for Investors
In what seems to be a win for investors, ATM and point-of-sale terminal maker NCR Corp. (NCR) has been approached for a takeover by private equity firms (as of yet unnamed). This pushes the stock closer to our January takeover scenario valuation, though the company has not formally committed to selling itself. Read on for more details on the previous activism attempts and our potential Spinoff/sale scenarios.What's Interesting? The Edge Intelligence...
Not New to Spinoffs: TDC Performance Outlined
Bleeding Hardware Segment: Significant Revenue Decline
Software & Services Segments: Key Growth Drivers
New Management's Strategic Pivot: Points to Spin/Divestiture?
Underperformance Compared to Peers & Market
Where's the Value?
We built out three scenarios for NCR to create value for shareholders on the following: (i) fundamental, (ii) Spinoff and (iii) takeover. These valuations are included in the attached report (please click above), and it seems that with the recent private equity talks on a takeover the stock has brought the price up to around $31.70, providing a further +14% upside to our target price.
NCR is a software- and services-led enterprise provider in the financial, retail, hospitality and telecommunications and technology industries. The company is an enterprise provider selling a portfolio of digital first software, services, hardware and payments. The company's segments include: Banking, which includes automated teller machines and payment processing hardware and software; Retail, which provides solutions that primarily include retail-oriented technologies, such as point of sale (POS) terminals and POS software; Hospitality, which provides solutions that include POS hardware and software solutions; and Other, which includes telecommunications and technology solutions.
The Edge Group - Global Fundamental Catalyst Investing. The Edge provides investors with access to hidden corporate value from Global Special Situations using a pioneering approach to investments. Founded in 2005 by fund management and investment banking professionals to provide high quality, private equity-level research on Global Corporate Divestitures for the benefit of fundamental event-driven, growth and value-oriented investors in this difficult to track, but proven investment space.
The Edge will look to screen and analyze include Spinoffs; Reverse Morris Trusts; Squeeze Outs; Privatizations; Demutualization; Deep Discounted; Rights Issues; Rights Offering; Restructuring; Insider Purchases / Buying Change of Management / CEO Change; Deteriorating fundamentals; Post-Bankruptcy; Reorganization; Tender Offer; M&A Deals; Secondary Offering; Share Swap; Thrift Conversions; Share Buybacks; Activist; Mergers. All analyzed from a fundamental point of view.
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