Saes shoots up after sale of Nitinol business at 'excellent valuation'

Saes Getters SpA

09/01/2023 09:23

** Shares in Italy's SAES Getters  SAEI.MI  rise by as much
as 35.9% after the getters maker signed a binding agreement for
the disposal of its Nitinol business to U.S. firm Resonetics on
Monday
    ** The agreed transaction consideration is equal to $900
million (cash/debt free amount), about 17 times the group's
adjusted EV/EBITDA, Banca Akros says in a note
    ** "Net of the deal costs, Saes net capital gain is
therefore expected to be in the region of EUR 584.6m," it says 
    ** The group has a current market cap of 616.7 million euros
($659.38 million) compared to 457.4 million euros at yesterday's
close
    ** The broker sees the "excellent valuation" and resulting
cash availability as a springboard for investments and an
acceleration of its M&A activity
    ** The stock is up 33.5% to 31.45 at 0923 GMT after failing
to start trading at open
($1 = 0.9353 euros)
 (Reporting by Alessandro Parodi, editing by Alvise Armellini)
 ((alessandro.parodi@thomsonreuters.com))