Jefferies raises PT on Estia Health after improved bid from Bain Capital

Estia Health

07/06/2023 20:50

** Analysts at Jefferies raise price target for Australia's
Estia Health Ltd  EHE.AX  after the company received improved
offer from private equity firm Bain Capital
    ** Increases PT to A$3.20 from A$3.00, in line with the new
bid
    ** The company said it intended to back Bain Capital's
sweetened takeover offer that valued the aged-care provider at
A$826.8 mln ($550.1 mln)
    ** Estimate new A$3.20/share offer implies a 1-year forward
enterprise value/EBITDA multiple of 9.4x - Jefferies 
    ** Brokerage keeps earnings forecasts for Estia unchanged
    ** Out of 7 analysts, 4 rate the stock "buy" or higher, 3
"hold"; their median PT is A$3.12 – Refinitiv data
    ** Stock up 39.6% this year, as of last close


($1 = 1.5031 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))