Dodge Chrysler Fiat Automobiles at the Milan Stock on the heels of press reports about ongoing between Samsung and the Italian group for the sale of the Magneti Marelli Koreans. The Fca securities are leading the Ftse Mib, with up to 5,985 euro touched. The agency Bloomberg reports that Samsung Electronics would be in advanced talks to buy Magneti Marelli or certain activities of the latter by Fca. The interest of Samsung would be mainly in the lighting business, in-car entertainment and telematics, but might consider the acquisition of the entire group. The deal could be worth about 3 billion dollars, in order to close it within a year. On the news “no comment” by Fca.
Positive first comments of analysts
According to an initial analysis of ICBPI, “the operation would be positive for Fca in several respects,” from that “Magneti Marelli is not strategic for Fca and timing would be perfect for a transfer, given the strong progress made in recent years by the subsidiary in terms of revenue (€ 7.5 billion estimated for 2016 compared to 6 billion in 2013 ), both in terms of margins (EBIT estimated at 5% margin from 2.8% in 2013), “adding that” net debt, currently at 5.5 billion euro is expected to decrease by at least 500 million by the end of year, would be more than halved, dropping significantly the Group’s financial risk profile. ” In addition, “an evaluation around $ 3 billion in terms of EV would amount to about 7x EBIT expected for 2016 (about 370 million), with a controdiluitivo effect sull’EV / EBIT of Fca which is currently at 2.3x. Probably the effect on EPS would be slightly negative, but certainly more than offset by the reduction of the risk “.
(Il Sole 24 Ore Thomson Plus)
© All rights reserved
No comments:
Post a Comment