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NCC Group plc >
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Fox-IT brings added capability, at a price

  • 26 Nov 2015

Fox-IT brings added capability, at a price


NCC Group plc (NCC:LON) | 260 9.1 1.4% | Mkt Cap: 727.9m


  • N+1 Singer
    • N+1 Singer Team

    • 6 pages

IT services image


 
IT services image


NCC Group announced the acquisition of Fox-IT for a total consideration of €133.25m on Tuesday. At c.20.8x Dec’16 EV/EBITDA the valuation reflects the escalating price of cybersecurity assets in the current environment. The accompanying placing and open offer to raise £126.3m at 275p means the acquisition is earnings dilutive in all forecast years, although the level of fundraise also provides firepower for further acquisitions. Until the funds are reinvested the shares look expensive on Dec’16 ....

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Fox-IT brings added capability, at a price


NCC Group plc (NCC:LON) | 260 9.1 1.4% | Mkt Cap: 727.9m


  • Published: 26 Nov 2015
  • Author: N+1 Singer Team
  • Pages: 6
  • N+1 Singer


NCC Group announced the acquisition of Fox-IT for a total consideration of €133.25m on Tuesday. At c.20.8x Dec’16 EV/EBITDA the valuation reflects the escalating price of cybersecurity assets in the current environment. The accompanying placing and open offer to raise £126.3m at 275p means the acquisition is earnings dilutive in all forecast years, although the level of fundraise also provides firepower for further acquisitions. Until the funds are reinvested the shares look expensive on Dec’16 ....


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