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Mitie: Liberum raises target price after sale agreement

( - Liberum reinstates its "buy" recommendation on the Mitie Group share and raises its corresponding target price from 210 pence to 230 pence, after the group reached an agreement for the sale of its catering business, for up to 85 million pounds sterling.

"The sale represents an FY19 EV/EBIT multiple of 10x before recharges and other items. We reduce our FY20 FD EPS by 12% from 16.8p to 14.9p. We reduce our FY20 net debt estimate from £142m to £71m, or 0.7x net debt/EBITDA."

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