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Hagemeyer Terug naar discussie overzicht

Dag(opening) HGM donderdag 11 oktober 2007

250 Posts
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  1. [verwijderd] 11 oktober 2007 09:18

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    Eigenlijk hoeven ze voor mij helemaal niks over te nemen, laten ze dat bod lekker intrekken !

    Zit er in voor de LT met hogere koersdoelen als de volledige turnaround afgerond is .

    Wel slim van Sonepar natuurlijk om nu over te nemen ; de mega verliesgevende problemen van Hagemeijer zijn opgelost dus nu snel overnemen voordt in de toekomst de winstgevendheid helemaal op peil is en er hele andere koersen aan de orde zullen zijn.....

    Op winstmarges van nu gezien lijkt € 5,= ofzo leuk , maar waar rekend men mee ? alles is nog niet afgerond ...

    Blijft imo. jammer maar wel zakelijk en slim van Sonepar.

    ABN-AMRO is toch ook grootaandeelhouder ??? die heeft destijds de helpende hand uitgestoken en aandeelpakketten gekocht toch niet met €5,= in het achterhoofd

    Gr. Gerard
  9. [verwijderd] 11 oktober 2007 09:27

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    quote:

    jetje1 schreef:

    [quote=Marry Hens]
    rt?
    [/quote]

    kan ik jou nog een abonnementje verkopen?
    Ik wil jou wel een paar verzekeringen verkopen :)
  10. [verwijderd] 11 oktober 2007 09:27

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    wie van jullie gebruikt nog meer de tradermonitor van de Rabobank. Die ligt er de hele morgen al uit, heb dus geen real time koersen, best balen!
  12. [verwijderd] 11 oktober 2007 09:29

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    quote:

    ernst020 schreef:

    wie van jullie gebruikt nog meer de tradermonitor van de Rabobank. Die ligt er de hele morgen al uit, heb dus geen real time koersen, best balen!
    ook een abonnementje?
  20. [verwijderd] 11 oktober 2007 09:38

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    Van EuroBench forum:

    SNS Research Morning Note

    Hagemeyer (4.67), Rating: UNDER REVIEW, 2006E: 0.32 2007E: 0.30 2008E: 0.36
    The facts:
    Likelihood of higher offer Sonepar
    Our analysis:
    This morning we received notification that Sonepar has increased its stake in Hagemeyer to 10.24%. According to the AFM, Sonepar built this stake on the 9th of October, the day it announced the offer. As Sonepar already reported yesterday that it had purchased over 5.8% of Hagemeyer, also on the 9th of October, we can assume that the additional shares were purchased during the day at a significantly higher price than the EUR 4.25 it is currently offering. The average share price on the 9th of October was EUR 4.44 ending at EUR 4.72.
    This raises the question whether Sonepar is already taking into account that it will have to raise its offer to approximately the EUR 5.00 level to convice shareholders and the Hagemeyer board , which is likely given statements from Hagemeyer itself. Hagemeyer has indicated that the offer of EUR 4.25 'signficantly undervalues' Hagemeyer, which implies, using the scale of Mock, an undervaluation of between 12-20%. This gives a range of EUR 4.75 to EUR 5.10. In other words, we think it is likely that Sonepar will raise its offer eventually in order for its bid to be successful.
    How about Rexel making an offer? Initially we assumed that given recent remarks about making only medium sized acquisitions (less than EUR 250m) and the fact that Rexel is still digesting GE Supply (a USD 2.5bn business, some 22-23% of the total Rexel business), Rexel would not make a counter bid. Especially as we assume dthat it had looked at Hagemeyer in earlier periods when the share price was much lower. However, the recent statements from Rexel that it is keeping "all strategic options open" indicates that it is willing to have another look, even if it means having to offer over EUR 4.75 per share.
    Our French partner CIC, which covers Rexel, has analyzed what the implications are if Rexel does make an offer for Hagemeyer. Assuming a maximum debt to EBITDA ratio of 4.0 and gearing of 100%, Rexel could bid up to EUR 5.10 per share but then the offer would be 80% cash and 20% in shares. If the debt/EBITDA ratio is extended to 4.6 (which is still reasonable in our view, especially given the possible upside in Hagemeyer's performance in the combined entity), an offer of EUR 5.60 is possible but it would be putting Rexel on a tight leash versus its banks.
    Conclusion & Action:
    Given that we assume that Sonepar has built its stake of 10.2% at higher prices than its current offer of EUR 4.25, it must have financing in place that allows it to do so, which is a clear indication that it is willing to increase its offer to win over the Hagemeyer board and shareholders. Rexel could match an offer at around the EUR 5.10 level without overstreteching itself but anything over EUR 5.10 per share becomes more difficult if it wants to maintain reasonable leverage.

    HH
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