MoreMobile more than 20% shoot this Monday after the friendly takeover launched by Providence, Cinven and KKR at 22.50 euros, which supposes a premium of 20.2% with respect to the price of the closing of the company last Friday. The offer is for 100% of the capital. Providence is one of the main shareholders of the operator, with 9.15% of the capital.
Bankinter experts assess this operation on Monday and They recommend not going to the opa. "We believe that the price offered does not reflect the full growth potential of MásMóvil", they state bluntly.
The value offered implies an EV / EBITDA 2021 ratio of 7.0 times compared to 6.1 times the average for the telecommunications sector in Europe. "We believe MásMóvil deserves a higher premium, so we recommend not accepting the offer because, in addition, we do not rule out any counter offer by other venture capital funds or another operator"emphasize these analysts.
Since the launch of its convergent offering in 2017, MásMóvil is the company that has captured the most market share in the Spanish market, capturing 88% of new fixed broadband clients since then. The results of the first quarter of 2020 showed, in the opinion of the 'orange bank', "more than significant" advances in a sector characterized by low growth and pressure on margins.
In the quarter, the number of broadband subscribers increased by 43% year-on-year (8% quarter-on-quarter) and mobile post-payment by + 18% year-on-year (+ 5% quarter-on-quarter). The company reiterated the targets for 2020-21 despite Covid-19. For this year, it foresees an EBITDA of between 570 and 600 million euros; 30% / 32% EBITDA margin and net capex of 295 million; in 2021, it estimates an EBITDA of between 670 and 700 million, EBITDA margin of 32% / 34% and net capex of 255 million.
"MásMóvil is one of the stocks in our model portfolio of Spanish stocks of 20 stocks, with a weight of 3%," concludes Bankinter.
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