Photo-Me has acquired 96% of Sempa, a manufacturer of commercialised fresh fruit vending equipment, based in France. The net cash consideration is €11.6m, and Sempa reported sales of €9.4m and PBT of €3.7m in 2018, meaning the group has paid an attractive 3.1x PBT. We have upgraded our FY 2020E EPS by 6% and we now forecast net cash of £10m at April 2019. We reiterate our view that the 10% dividend yield supported by a net cash balance should continue to provide good supp
25 Apr 2019
Photo-Me - Entering a new, large market
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Photo-Me - Entering a new, large market
ME Group International plc (MEGP:LON) | 168 -1.7 (-0.6%) | Mkt Cap: 633.3m
- Published:
25 Apr 2019 -
Author:
Guy Hewett -
Pages:
6
Photo-Me has acquired 96% of Sempa, a manufacturer of commercialised fresh fruit vending equipment, based in France. The net cash consideration is €11.6m, and Sempa reported sales of €9.4m and PBT of €3.7m in 2018, meaning the group has paid an attractive 3.1x PBT. We have upgraded our FY 2020E EPS by 6% and we now forecast net cash of £10m at April 2019. We reiterate our view that the 10% dividend yield supported by a net cash balance should continue to provide good supp