iEnergizer today announced the successful refinancing of its term loan for an aggregate amount of $45.5m with its existing lenders. The revised facility has been secured on favourable terms and allows the Company to reinstate a regular dividend – details of the policy will be announced in June 2019. We see this news as substantially de-risking the investment case and increase our PT to 250p (13.0x FY20E EV/EBITDA) to reflect the improved risk-reward profile. Buy.
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Debt refinancing and investment case review
- Published:
29 Apr 2019 -
Author:
James Bayliss -
Pages:
13
iEnergizer today announced the successful refinancing of its term loan for an aggregate amount of $45.5m with its existing lenders. The revised facility has been secured on favourable terms and allows the Company to reinstate a regular dividend – details of the policy will be announced in June 2019. We see this news as substantially de-risking the investment case and increase our PT to 250p (13.0x FY20E EV/EBITDA) to reflect the improved risk-reward profile. Buy.