European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ercros-sa" target="_blank" data-smartkarma-citation="entities:40951:1" rel="noopener">Ercros (ECR SM)</a>, a venerable Spanish chemical company has received a €3.6/share, cum dividend, offer from Bondalti. The premium is 40.6%, implied equity €329.17 million and implied EV €421 million.</li>
<li>The offer represents 6x EV/Fwd NTM EBITDA, typical mid-cycle multiple for commodity chemicals, 12.9x Fwd P/E. The offer price accounts for an improving H2. The shares suffer from low liquidity.</li>
<li>Therefore the top shareholders will be glad to cash in. How long does the Spanish government take to authorise FDI will be the primary concern. Gross spread is 4.7%. <strong>Long.</strong>
</li>
</ul>



Ercros (ECR SM), a venerable Spanish chemical company has received a €3.6/share, cum dividend, offer from Bondalti. The premium is 40.6%, implied equity €329.17 million and implied EV €421 million.
The offer represents 6x EV/Fwd NTM EBITDA, typical mid-cycle multiple for commodity chemicals, 12.9x Fwd P/E. The offer price accounts for an improving H2. The shares suffer from low liquidity.
Therefore the top shareholders will be glad to cash in. How long does the Spanish government take to authorise FDI will be the primary concern. Gross spread is 4.7%. Long.



Spain

Ercros SA is an industrial company focused on the manufacture and sale of chemical and pharmaceutical products. It is listed on the Spanish Stock Exchange.  The company is divided  into three areas of activity: a business strategic unit, the intermediate chemicals division, and the pharmaceuticals division. Ecros serves clients worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ercros (ECR SM)

Bondalti/Ercros: Fair Offer

Venerable Spanish chemical company Ercros receives €3.6/share, cum dividend, offer from Bondalti, representing a 40.6% premium and implied equity...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bondalti/Ercros: Fair Offer

Venerable ​Spanish chemical company Ercros receives €3.6/share, cum dividend, offer from Bondalti, representing a 40.6% premium and implied equity...

Jesus Rodriguez Aguilar

Venerable Spanish chemical company Ercros receives €3.6/share, cum dividend, offer from Bondalti, representing a 40.6% premium and implied equity...