After the spread of 2013 data, Indesit returns to run on the Stock Exchange in the wake of the new agreement with an international partner which should materialize in the coming weeks.
Times are tight, even if a spokesman for the household appliance company has denied press rumors according to which an extraordinary board meeting is scheduled in London on March 22, where the "short list" of possible candidates for the merger hypothesis would be presented. The Board of Directors, on the other hand, will be held on 21 March in the United Kingdom: not in London, but in the English headquarters of the company, in Peterborough.
The spokesperson also declined to comment on the expressions of interest received and the names of the other advisors involved.
This morning Indesit stock updated its highs since the beginning of 2008, at 10,60 euros, with volumes exceeding twice the daily average calculated over 30 days. For Banca Imi at current prices, the potential upside of the share "is still high in the event of a change of control due to the significant synergies that could be extracted which, in our calculations, can vary from a minimum of 100 million up to 300 million depending on the buyer”.
According to the broker, this potentially translates into an additional 5-6 euros to the 8 euros resulting from a stand-alone valuation carried out using the discounted cash flow method. Not only. “Given the long list of potential candidates we think that competition for the 'Indesit auction' could be intense, therefore potentially inflating the final valuation and for this reason we see our target price of €12,5 per share as a starting price rather than as an arrival", underlines Banca Imi confirming the "buy" recommendation.
At around 12,30 Indesit shares traded up 5,35%, to 10,64 euros.
