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《大行報告》裏昂對歐舒丹(00973.HK)收購Sol de Janeiro給予正面評價
阿思達克 11-16 10:03
裏昂發表研究報告指,歐舒丹(00973.HK)宣佈以4.5億美元收購Sol de Janeiro(SDJ)品牌約83%的間接股權,交易估值相等於2021年預測企業價值倍數(EV/EBITDA)21.1倍。 交易預計將於今年底完成,業務合併將於2022年初開始。考慮到SDJ是北美增長最快的高端護膚品牌之一,歐舒丹管理層預計該品牌在未來3至5年的每年銷售額將至少按年增長30%至40%,毛利率料持續改善。 裏昂表示,對此次收購持樂觀態度,因爲認爲公司正在主動向年輕客戶拓展,包括增加電商渠道,及建立具有不同價格定位的多品牌組合,維持對歐舒丹的「買入」評級,目標價36.6元。
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