In today’s briefing:
- Clear Road for Kinetic/Globalvia Consortium
Clear Road for Kinetic/Globalvia Consortium
- On 21 July, a disciplined Kelsian dropped out of race for Go-Ahead, and won’t be able to bid for six months therefore Kinetic/Globalvia consortium should be unrivaled in the takeover offer.
- At 7.7x EV/Fwd EBIT, consideration is below 8.6x EV/Fwd EBIT offered by DWS for struggling rival Stagecoach, but the market is now pricing that the Kinetic/Globalvia consortium will complete the deal.
- Gross spread is 0.93% and the estimated annual return would be 6.84% assuming settlement on 14 September (see timeline). Long.
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