Uddrag fra ABG’s analyse af Vestjysk Bank efter bud fra Arbejdernes Landsbank:
- AL going to 61% ownership leads to mandatory bid
- DKK 3.45 bid is in the low end of our fair value range
- Bid PE of 8x 2022e looks low vs. recent transactions
Mandatory bid from AL after crossing the 1/3 ownership line
Today, Arbejdernes Landsbank (AL) announced that it has taken over further 28% of the shares in Vestjysk Bank (VB) bringing its total ownership stake up to 61%. This leads to a mandatory bid of DKK 3.45 for all shares in Vestjysk Bank corresponding to the price paid to Nykredit and AP Pension for the 28% stake just acquired (highest price paid by AL last six months). AL has to put out an offer documents within 4 weeks while the board of Vestjysk Bank recommends shareholders to await the boards position (advantages and disadvantages) on the offer.
AL bid in the low end of our fair value range of DKK 2.7-5.5
Today’s bid is exactly as expected with the DKK 3.45 per share being in the low end of our fair value range for Vestjysk Bank of DKK 2.7-5.5 with the high end including 50% of the annual synergies of DKK 200m we believe that AL could harvest in a merger with Vestjysk Bank in the long run. We do not believe running to separate banks in the long run makes sense.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
