Friday , January 22 2021

Amrest plans road show among big funds to win shareholders | markets

If everything follows the scenario, Amrest, the European chain-of-rescue chain, will begin quoting the Spanish market this Wednesday, November 21, at 11 am. He will do this through listing, which essentially means transferring part of the shares already listed in Poland to Spain without the need to raise capital with new securities (OPS) or sell existing shares (OPV).

However, this will not be the final destination of the owner of La Tagliatella worth about 2,000 million euros. In Warsaw, it is quoted with a capitalization of about 8.5 billion zlotys with a price per share of about 39 zlotys per share (about 9.3 euros). The presence in the Spanish stock market will be the beginning of Amresta's journey through the main European stock exchanges, where he intends to attract new investors.

The management team, led by Carlos Fernandez, president of its first shareholder, the Finnancess Group, plans to launch a road show (presentation) with investment banks, such as London and Fraxfor, in early 2019.

One of the reasons that Amrest will begin trading in Spain is the intention to expand the investment base and increase its number of shareholders, currently from 200 to 300, according to funding sources. One of the landmarks of the landing on the Spanish market – strictly speaking, this is not an IPO, since it is already listed in Poland – is precisely to have greater access to large international funds.

JB Capital Markets, a company chaired by Javier Botin, brother of President Santander, has already conducted preliminary work in early October. The company then made presentations with the goal of increasing capital by 70 million euros at a price of 9.44 euros per share, which is 3.38% of its current number of titles. The company made this accelerated placement without preferential subscription rights to partially fund the acquisition of the Sushi Shop, announced on July 25 by about 240 million.

Nomura also carried out consulting assignments for the company, and financial sources explain that Amrest has a list of consultants with whom he worked and will continue to work in the future.

Finaccess landed at a company chaired by Henry McGovern in August 2015. He then acquired 32% of the Warburg Pincus venture capital fund. A year later, he began a takeover bid, which raised the rate to 56.38%. Other major shareholders at the end of September were directors Henry McGovern and Stephen Kent Weingar, with 10.67% through Gosha Holding, the insurer's fund Nationale-Nederlanden (5.21%), the Luxembourg Artal Fund (4.95%) and another Aviva (3.31%). The remaining 19.48% is freely quoted on the Stock Exchange. His quotation went from 10 zł per share from the beginning of 2015 to the current level, although it is still far from the record 51.5 zlotys reached in May last year.

In the long term, another incentive for Amresta is access to the Eurobond market. As of September 30, its net debt amounted to 379 million euros, which implies a debt ratio of 2.33 times the total operating profit (ebitda) over the past 12 months. Your level of leverage is 3.2 times far from obligation. The possibility of issuing in euros is a closer and simpler reality if it is listed on the Spanish stock exchange.

The company, which has more than 40,000 employees and about 2,000 restaurants among its own and those it manages, received revenues of 1,104 million Euros from January to September, which is 25.6% more than the same period last year. , operating profit (ebit) in the amount of 52 million, in accordance with the achieved in 2017, and net profit – 30.2 million, which is 9% lower.

Analysts are confident that they will mark new highs

Potential. Analysts believe that the landing of Amresta on the Spanish stock market implies recognition of its actions. Most experts who follow value advise buying company names. And the consensus of analysts with whom Bloomberg consults sets a target price of 46.52 zł (10.78 euros) with a potential of about 20% relative to its current price. The company is present in Poland, the Czech Republic, Hungary, Russia, Bulgaria, Serbia, Croatia, Romania, Slovakia, Spain, France, Germany, Austria, Slovenia, Portugal and China. Amrest has already approved the transfer of his headquarters to Pozuelo de Alarcon (Madrid) from the current one in Wroclaw (Poland) in October 2017.

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