European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The agreed €20/share (cum dividend) represents c.59% premium, 12.1x EV/Fwd EBITDA and 12.9x Fwd P/E.</li>
<li>Intertrust has suffered from increasing competition and margin pressure due to digitalisation. The company is progressing in its operational turnaround. Industry is under consolidation.</li>
<li>The bid is just above my fair value estimate and the gross spread is 0.5%, probably too tight to be worth considering. Upside could come from a competing bid.</li>
</ul>


The agreed €20/share (cum dividend) represents c.59% premium, 12.1x EV/Fwd EBITDA and 12.9x Fwd P/E.
Intertrust has suffered from increasing competition and margin pressure due to digitalisation. The company is progressing in its operational turnaround. Industry is under consolidation.
The bid is just above my fair value estimate and the gross spread is 0.5%, probably too tight to be worth considering. Upside could come from a competing bid.


CSC/Intertrust NV: Conditional Offer Agreement

Netherlands

Intertrust N.V. is a provider of trust and corporate services. The Company provides a broad range of high-end legal and financial administrative services to corporations, funds, financial institutions, and private individuals around the world. Intertrust operates across the Americas, Europe, Aisa, and the Middle-East.

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Intertrust NV (INTER NA)

CSC/Intertrust NV: Conditional Offer Agreement

The offer price is just above my fair value estimate and the gross spread is 0.7%, probably too little to be worth considering. Upside could come...

Jesus Rodriguez Aguilar

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