European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>KKR's launching a cash offer for space tech firm <a href="https://www.smartkarma.com/entities/ohb-se" target="_blank" data-smartkarma-citation="entities:40004:1" rel="noopener">OHB SE (OHB GR)</a> at €44/share, 37% premium, 8.1x EV/Fwd NTM EBITDA, 16.1x Fwd P/E for an implied equity value of c.€769 million.</li>
<li>The Fuchs family will retain its majority shareholding. OHB's strong balance sheet might be leveraged to further consolidate the industry. The offer price seems slightly cheap but not outrageous.</li>
<li>I believe a price hike is unlikely. Gross spread is 3.75%. Considering a break of €32.2, the market is pricing an 86% probability of success. I'd be long the shares.</li>
</ul>


KKR's launching a cash offer for space tech firm OHB SE (OHB GR) at €44/share, 37% premium, 8.1x EV/Fwd NTM EBITDA, 16.1x Fwd P/E for an implied equity value of c.€769 million.
The Fuchs family will retain its majority shareholding. OHB's strong balance sheet might be leveraged to further consolidate the industry. The offer price seems slightly cheap but not outrageous.
I believe a price hike is unlikely. Gross spread is 3.75%. Considering a break of €32.2, the market is pricing an 86% probability of success. I'd be long the shares.


Germany

OHB SE provides space technology, security, telematics and satellite services. The Company develops, and operates satellites data transmission and processing. OHB, is also engaged in the fields of manned spaceflight, aerospace transportation systems and start-up services for satellites.

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OHB SE (OHB GR)

KKR/OHB: Agreed Take-Private Offer

OHB's strong balance sheet might be leveraged to further consolidate the industry. The offer price seems slightly cheap but not outrageous. Gross...

Jesus Rodriguez Aguilar

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