Directa Plus has announced the acquisition of a further 48.96% in Setcar, the Group’s environmental services subsidiary. Upon completion, Directa Plus’ shareholding in Setcar will increase to 99.95% (from 50.99%) for a total consideration of €1.5m, split €0.5m immediate payment (paid out of existing cash resources), and a further payment of €1.0m which is due prior to 30 March 2024. Directa Plus’s acquisition values the Setcar business at 0.4x Sales or 8.6x EBITDA. For Directa Plus, they now take further control of the environmental supply chain at a time when Grafysorber is gaining traction, having signed a landmark contract in September 2023 (€5.5m, three-year contract). We retain our buy rating.
