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《大行報告》高盛降長和(00001.HK)目標價至71元 評級「買入」
阿思達克 10-07 15:18
高盛發表報告指,長和(00001.HK)公布正與英國電信商Vodafone就可能合併3英國及Vodafone英國進行洽談,若成事,長和及Vodafone將分別持有合併業務之49%及51%股權。 高盛表示,截至最近一個財年,3英國及Vodafone英國的EBITDA分別為6億英鎊和12億英鎊。而根據長和過去在其他電信市場進行的合併,是次交易Vodafone可能注入更多債務,或長和向合併後的實體注入更多現金,以平衡兩者在價值上的差異,達至相似的股權價值。由於公布稱交易將不會支付現金對價,該行相信前者的可能性更大。假設與2018年長和收購Wind Tre JV的5至8倍EV/EBITDA估值相似,意味Vodafone將需向業務注入30億至49億英鎊的額外債務。 高盛對是次交易的可能結果沒有看法,但將長和今年至2024年的每股盈利預測下調36%、8%及8%,股份目標價由77元調低至71元,評級「買入」,目標資產淨值折讓維持40%不變,反映最新的匯率、長和主要子公司的股價變動等因素。
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