viermeiden schreef:
L.s.,
“Logica is one of cheapest IT service companies, and even at acquisition multiples it is attractive enough to flush out another buyer,” said Panmure Gordon & Co. analyst George O’Connor. “The potential buyers are numerous and Logica is simply badly configured for the modern market and is fixable given strong resolute management.”
Cap Gemini SA (CAP), International Business Machines Corp. and Dell Inc. (DELL) are top candidates for a bid, Canaccord analyst Bo Nordberg said in an interview, adding that Logica shareholders may find a counterbid of 120 pence a share worth considering.
Spokespeople for for Cap Gemini and IBM declined to comment. A spokesperson for Dell couldn’t immediately be reached for comment.
Today’s offer by CGI implies an enterprise value of about 6.6 times Logica’s earnings before interest, taxes, depreciation and amortization last year, including net debt of 321.6 million pounds, CGI said. Takeovers of computer services and integrated systems providers in Europe in the past decade fetched a median multiple of 9.3 times, according to data compiled by Bloomberg.
Uitgaande van bovenstaande lijkt er bij een eventuele strijd om Logica nog de nodige ruimte naar boven te zijn.
1.35:6.6 x 9.3 zou een koers geven van: 1.90
Maar dat was wel voor de crisis!
Whisful thinking of harde realiteit?
viermeiden