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Eltel: Divests its high voltage business in Germany - Evli

Eltel has signed an agreement to divest its German High Voltage business to ENACO, a German service provider in the energy sector. Eltel classified its German High Voltage business as assets held for sale at the end of 2020 and the revaluation had EUR -5.7 million impact on Group EBIT in Q4/2020. The transaction is estimated to have negative cash flow effect of EUR 3.8 million.

Eltel will as part of the divestment engage ENACO as a subcontractor for the completion of certain projects, which are expected to be completed during 2021 and 2022. The divestment is subject to customary approvals, and the transaction is expected to close during Q2/2021.

The divestment is relatively small and therefore has no effect on our current forecasts. In our estimates, we have already forecast the net sales of other business to decrease by EUR 26.9 million and we expect the share of other business to be ~10% of group net sales in 2021E.

We maintain our TP of SEK 30 with BUY.

Finwire / Börsvärlden

Publicerad 23 March 2021, 08:39

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Eltel: Divests its high voltage business in Germany - Evli

Vi skulle hålla det kort… men marknaden ville annat

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Vi skulle hålla det kort… men marknaden ville annat

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