Acceptance period 1 September to 6 October
Etteplan sees an excellent strategic, operational & cultural fit
Today Etteplan announced a cash offer for Semcon of SEK 149 per share. It represents a premium of 31.6% towards yesterdays close, a 32% premium to the volume weighted average trading price during the last 30 trading days and a 27.6% premium towards the volume weighted average trading price during the last 180 trading days. It can also be compared to our fair-value range of SEK 112-162 per share for Semcon. Etteplan sees an excellent strategic, operational and cultural fit with Semcon and in our opinion it is especially evident for the Product Information business area of Semcon. The offer is not subject to any financing conditions. Etteplan will hold a webcast at 10.00 CEST to give further light on the strategic rationale behind the bid.
JCE undertaking has a condition for competing offers
The largest shareholder JCE Group together with other large shareholders Nordea Fonder, Otus Capital Management and Ennismore Fund Management have confirmed their intention to accept the offer, representing a total of 46.6% of outstanding shares. However, the undertaking from JCE Group is conditional upon that no superior competing bid having been formally announced prior to the end of the acceptance period.
Bid in-line with peers for ‘22e P/E and 15% below for EV/EBIT
The bid equals roughly a P/E of 16x and an EV/EBIT of 12x on our forecast for ‘22e. It is in-line with our key peers for P/E and roughly 15% below key peers on EV/EBIT. Our fair-value range of SEK 112-162 has been derived by using an equal weight between P/E and EV/EBIT at 0-30% below the peer group as Semcon historically have struggled to keep pace with peers on organic growth and we have argued that if Semcon can start to show similar growth after the successful turnaround if the business that the lower valuation towards peers should ...
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