券商列出港交所(00388.HK)與倫交所潛在合併備考分析(表)
港交所(00388.HK)日前公布其已向倫敦證券交易所集團的董事會提議,將港交所及倫敦證券交易所集團兩間公司合併,擬以每股2045便士現金及2.495股港交所新股,置換1股倫敦證券交易所股份,計劃在完成該建議交易時將港交所的股份在倫敦證券交易所第二上市。
據中金今日發表報告,列出港交所與倫交所潛在合併備考分析:合併前:
分項│港交所│倫交所
去年總收入│158.67億港元│21.35億英鎊
去年淨利潤│93.12億港元│4.8億英鎊
今年上半年股本數│12.54億股│3.54億股
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合併前每股盈利│7.4港元│1.4英鎊
對應去年市盈率│33倍│50倍
-----------------------------------
合併方案:每股倫交所股份收到每股2045便士現金及2.495股港交所新股
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每股倫交所股價對價│8,361便士
全部合併對價│296億英鎊
-----------------------------------合併後:港交所 + 倫交所
去年合併利潤│139.62億港元
新發行股份│8.84億股
合併後股份數│21.38億股
合併後每股盈利│6.5港元對應市盈率│38倍
中金表示,據上述併購方案,倫交所股東的每股股份將收到2,045便士現金及2.495股新發行的港交所股份,對應每股倫交所股份約8,361便士的價值,反映倫交所的全部普通股本價值(包含雇員行使認股權後股本)約296億英鎊以及其企業價值316億英鎊。第二是該價格較倫交所股份於9月10日的收盤價溢價23%,對應2018年EBITDA為30.2倍(港交所當前股價對應2018年EBITDA為26倍)。第三是根據2018年盈利的備考分析,此次合併將使港交所2018年每股盈利,從7.4港元攤薄至6.5港元。
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