European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Media reports that HomeServe and Brookfield are close to reaching an agreement. Since news of the approach broke, the share price of HomeServe has increased by c. 52%.</li>
<li>My fair value estimate (DCF based) is 1,206p, which could presumably be enough for the founder to sell its 12.1% stake (enough to prevent a squeeze-out).</li>
<li>At1,206p (71% premium to the price prior to disclosures), a financial buyer could obtain a 15.3% cumulative IRR by year 8. <strong>Long HSV LN</strong>.</li>
</ul>


Media reports that HomeServe and Brookfield are close to reaching an agreement. Since news of the approach broke, the share price of HomeServe has increased by c. 52%.
My fair value estimate (DCF based) is 1,206p, which could presumably be enough for the founder to sell its 12.1% stake (enough to prevent a squeeze-out).
At1,206p (71% premium to the price prior to disclosures), a financial buyer could obtain a 15.3% cumulative IRR by year 8. Long HSV LN.


Brookfield/HomeServe Close to Reaching an Agreement

United Kingdom

HomeServe is a British multinational home emergency repairs and improvements business that provides home assistance services to homeowners. These services include subscription-based plans for plumbing, heating, ventilation, air conditioning, and electrical issues, as well as an online marketplace to connect homeowners with local tradespeople. The company was founded in Walsall, England, in 1993.

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

HomeServe (HSV LN)

Brookfield/HomeServe Close to Reaching an Agreement

HomeServe and Brookfield are close to reaching an agreement (around 1200p). Since news of the approach broke, the shares have had an excellent run...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)