Analizamos la valoración de Tecnocom realizada por Indra

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Integral service around a transaction
BY : Diego Gutiérrez30/11/2016
Indra compra el 52,7% de Tecnocom y lanza una Opa sobre el resto de las acciones, valorando la compañía a €305M.

Valoración de Tecnocom

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Indra ha comprado el 52,7% de Tecnocom por 4,25€/acción, esto supone un sobreprecio del 12% sobre la cotización del cierre de ayer (28-nov)  y del 28% sobre el precio medio ponderado de los últimos tres meses.  Además ha lanzado una Opa sobre el 100% de Tecnocom.

El precio de la Opa será de 4,25€/acción. La adquisición se pagará el  60% mediante  caja y 40% en acciones de Indra valoradas a 9,8461 euros (media de los últimos cinco días). De este modo,  la valoración del capital de Tecnocom es de €305M. La empresa espera cerrar la operación en el segundo trimestre de 2017.

“El precio es elevado respecto al sector. Sin embargo Indra pretende ampliar su posicionamiento estratégico y aumentar cuota logrando sinergias y estas sinergias están valoradas en entre €35M y €40M” comenta Diego Gutiérrez, experto en corporate finance  en Abra-Invest.

La suma de ambas entidades, con datos pre-sinergias de los últimos doce meses a septiembre de 2016, dará como resultado una empresa con unos ingresos de €3.147M, un EBITDA recurrente de €243M y un EBIT recurrente de €165M (margen EBIT del 5,2%).

En términos de endeudamiento es abordable ya que “llevaría el ratio deuda financiera neta/EBITDA a niveles de 2,5 veces y siempre por debajo de las 3 veces aún con costes de integración.

Además Indra conseguirá ganar tamaño sin diluir prácticamente el beneficio por acción estimado para 2017.

Buen año 2.016 para Tecnocom en bolsa

Hace unos días, escribíamos sobre la buena marcha de Tecnocom en bolsa. Con una  revalorización anual que supera con creces el 200%, es uno de los tres valores que están en el podio de los más rentables de la Bolsa española este año 2.016. En la sesión del lunes, antes de conocerse la noticia de la compra,  las acciones de Tecnocom se  dispararon 13%, ayer subieron un 5%.

tecnocom-cotizacion
Si estas buscando financiación o quieres comprar o vender una empresa, ponte en contacto con nosotros. Abra-Invest, cuenta con un equipo con mucha experiencia que te ayudará a que la operación sea exitosa. Llama al +34 946424142 o rellena el formulario de contacto.

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