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券商列出港交所(00388.HK)与伦交所潜在合并备考分析(表)
阿思达克 09-13 12:59

港交所(00388.HK)日前公布其已向伦敦证券交易所集团的董事会提议,将港交所及伦敦证券交易所集团两间公司合并,拟以每股2045便士现金及2.495股港交所新股,置换1股伦敦证券交易所股份,计划在完成该建议交易时将港交所的股份在伦敦证券交易所第二上市。

据中金今日发表报告,列出港交所与伦交所潜在合并备考分析:合并前:

分项│港交所│伦交所

去年总收入│158.67亿港元│21.35亿英镑

去年净利润│93.12亿港元│4.8亿英镑

今年上半年股本数│12.54亿股│3.54亿股

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合并前每股盈利│7.4港元│1.4英镑

对应去年市盈率│33倍│50倍

-----------------------------------

合并方案:每股伦交所股份收到每股2045便士现金及2.495股港交所新股

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每股伦交所股价对价│8,361便士

全部合并对价│296亿英镑

-----------------------------------合并後:港交所 + 伦交所

去年合并利润│139.62亿港元

新发行股份│8.84亿股

合并後股份数│21.38亿股

合并後每股盈利│6.5港元对应市盈率│38倍

中金表示,据上述并购方案,伦交所股东的每股股份将收到2,045便士现金及2.495股新发行的港交所股份,对应每股伦交所股份约8,361便士的价值,反映伦交所的全部普通股本价值(包含雇员行使认股权後股本)约296亿英镑以及其企业价值316亿英镑。第二是该价格较伦交所股份於9月10日的收盘价溢价23%,对应2018年EBITDA为30.2倍(港交所当前股价对应2018年EBITDA为26倍)。第三是根据2018年盈利的备考分析,此次合并将使港交所2018年每股盈利,从7.4港元摊薄至6.5港元。

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