Offer should be sufficient to take company private
A takeover bid for Purmo was announced on Friday, offering owners a cash price of EUR 9.91 per share. Even at the price offered, Purmo's valuation remains moderate, but we do not expect a competing offer. The high commitment rate makes a successful bid highly likely. We raise our target price to EUR 9.91 in line with the offer.
Purmo Group
Purmo Group develops solutions for indoor climate. The company provides heating and cooling solutions for residential buildings and premises, including radiators, towel warmers, underfloor heating, convectors, valves, and controls. The business is divided into a number of business areas and the solutions are used in industry and the real estate industry. Customers are found on a global level with the largest concentration in Europe. The products are aimed at corporate and private customers.
Read more on company pageKey Estimate Figures28.04.
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 743.2 | 720.0 | 743.0 |
growth-% | -17.80 % | -3.12 % | 3.19 % |
EBIT (adj.) | 55.4 | 71.8 | 74.6 |
EBIT-% (adj.) | 7.45 % | 9.97 % | 10.04 % |
EPS (adj.) | 0.68 | 0.88 | 1.00 |
Dividend | 0.35 | 0.35 | 0.37 |
Dividend % | 5.21 % | 3.54 % | 3.74 % |
P/E (adj.) | 9.82 | 11.25 | 9.87 |
EV/EBITDA | 12.03 | 7.59 | 6.82 |