Evotec announced the acquistion of Aptuit for c.€256m, representing c.2.3x 2017 sales or c.16.5x EV/EBITDA. Considering the growth perspective of 10%-15% top line growth and 10% synergies (our estimates), the acquisition is accretive on a cash EPS basis and strategically attractive. Aptuit broadens EVT's service offer for both EVT-Innovate and EVT-Execute. This transaction is expected to add between €14m and €16m to our €67m 2018 EBITDA forecast (>25% earnings accretion). The acquisition offers ....
31 Jul 2017
Evotec consolidates and expands further
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Evotec consolidates and expands further
Evotec SE (EVT:WBO) | 0 0 0.7% | Mkt Cap: 2,149m
- Published:
31 Jul 2017 -
Author:
Martin Brunninger -
Pages:
5
Evotec announced the acquistion of Aptuit for c.€256m, representing c.2.3x 2017 sales or c.16.5x EV/EBITDA. Considering the growth perspective of 10%-15% top line growth and 10% synergies (our estimates), the acquisition is accretive on a cash EPS basis and strategically attractive. Aptuit broadens EVT's service offer for both EVT-Innovate and EVT-Execute. This transaction is expected to add between €14m and €16m to our €67m 2018 EBITDA forecast (>25% earnings accretion). The acquisition offers ....