Original-Research: Aves One AG - von GBC AG
Einstufung von GBC AG zu Aves One AG
Unternehmen: Aves One AG
Anlass der Studie: Research Comment
Empfehlung: under review
Kursziel: under review
Analyst: Cosmin Filker, Matthias Greiffenberger
Takeover offer for Aves One AG by consortium, takeover price at EUR 12.80 and thus close to the GBC price target, revaluation as soon as offer available
A consortium consisting of Swiss Life Asset Managers (Switzerland) and Vauban Infrastructure Partners (France) has made a voluntary public takeover offer to the share-holders of Aves One AG on 6 August 2021. The offer is for EUR12.80 per Aves One share, which represents a premium of 26.7% over the previous day's closing price (XETRA closing price on 05.08.2021: EUR10.10). According to the takeover offer, Aves One AG is valued at a fair value of EUR 166.60 million, plus net liabilities, an enterprise value of EUR 1,130 million.
Under the investment agreement entered into by Aves One AG and the Bidder, Aves One AG is to receive additional capital of EUR100 million from the Consortium as well as further capital for the optimisation of the capital structure. No further details were given on this, so that this can be both equity and debt capital. As of 31 December 2020, Aves One AG had reported equity of EUR 14.04 million and a low equity ratio of 1.4 % after the sale of the container business. A strengthening of the equity base is therefore likely to be part of the investment agreement.
Only after the publication of the complete offer document will the board of Aves One issue a statement on the takeover offer. In our opinion, however, it seems likely that a recommendation for acceptance will be made. The fact that more than 85% of the voting rights have already committed to tendering the shares in the takeover offer is also a good indication of this.
We have been following Aves One AG since July 2017 as part of our ongoing research coverage. Since then, the share price has developed very well. Since August 2018, the fair enterprise value we have determined has also been above EUR12.00 per share; most recently, we determined a price target of EUR14.50 as part of the Anno study. The takeover price of EUR12.80 set in the context of the acquisition is somewhat below the last price target, but is roughly at the level of the price target we determined in previous years.
In the context of this Research Comment, we are not yet carrying out a new valuation until the submission of the offer document. At this point in time, we are not yet able to assess whether, for example, a delisting will be part of this takeover bid, which is an important aspect relevant to valuation (due to the increased cost of capital). Furthermore, we do not yet know in what form the additional capital will be made available by the takeover consortium.
For this reason, a concrete further assessment of the offer will be made by us after the offer has been submitted. Until then, we take the valuation status 'Under Review'.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/22763.pdf
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Date (time) completion: 10.08.21 (11:10 am) Date (time) first publication: 11.08.21 (12:00 am)
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