Comarch shares on the WSE on Wednesday value PLN 317.50 after an 11% improve. On Tuesday, on the shut of buying and selling, the value was PLN 286. Comarch is managed by the Filipiak household. Its founder was Professor Janusz Filipiak, who died in December final 12 months. His daughter Anna Pruska took over the reins of the corporate at the moment. Within the morning, a discover relating to the tender provide hit the market. It is going to be introduced by the Filipiak household along with the CVC Capital Companions fund and Anna Prokop at PLN 315.40 per share. The fund is to be the last word proprietor of the corporate.
Is it price promoting Comarch shares within the tender provide?
Piotr Bogusz, an analyst at Erste Securities, believes that the value provided by the bidders appears to be on the proper degree. That is echoed by Paweł Szpigiel from BM mBank.
– The worth within the tender provide is to be PLN 315.4 per share, which is 10.2 p.c greater than yesterday’s closing value. Our goal value is PLN 266.5 per share, which is over 15 p.c lower than the tender provide value. Additionally it is price considering Comarch’s present issues (necessity of restructuring, comparatively low degree of progress within the order portfolio, necessity to finish unprofitable tasks) – Szpigiel argues. In his opinion, EV/EBITDA ’23/’24 ratios for Comarch (i.e. 11 and eight.8 respectively) on the value degree of PLN 315.4 – taking a look at historic ranges – are acceptable.
The worth provided within the tender provide can also be greater (by nearly 7 p.c) than the goal value estimated by consultants from DM BOŚ (PLN 295.93).
Why the Filipiak household is promoting Comarch
– After making quite a lot of obligatory choices, from closing unprofitable tasks by way of promoting unproductive belongings to optimizing employment, with a view to guarantee a big aggressive benefit on worldwide markets, the Filipiak household determined to cooperate with CVC Capital Companions – argues the president of Comarch, Anna Pruska.
