JCDecaux: UBS reiterates its buy rating
(CercleFinance.com) - UBS reiterates its buy rating on the stock with a target price of E24, after its announcement of the acquisition of Italian and Spanish businesses.
"JCDecaux has entered into agreements with Clear Channel Outdoor to acquire its businesses in Italy and Spain", UBS says.
The purchase price (excluding cash/net debt positions) is E15.1m in Italy and E60m in Spain, i.e. 6.7x combined EBITDA for the last 12 months to end-March 2023 for both countries (before synergies).
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"JCDecaux has entered into agreements with Clear Channel Outdoor to acquire its businesses in Italy and Spain", UBS says.
The purchase price (excluding cash/net debt positions) is E15.1m in Italy and E60m in Spain, i.e. 6.7x combined EBITDA for the last 12 months to end-March 2023 for both countries (before synergies).
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.