The consideration looks a little on the cheap side. My TP is €1.575, which represents an 8.6% upside. Any shareholder over 5% could block the delisting. Long RM IM. Downside risk limited to €1.45.
SUMMARY
(Sign Up to Access)
Get started on the Smartkarma Research Network with a complimentary Preview Pass to:
Unlock all research summaries
Follow top, independent analysts
Receive personalised alerts and emails
Access Briefings, Analytics, and Events
Upgrade anytime to our paid plans for full-length research, real-time analyst discussions, and more.
Join a thriving community of 45,000+ investors, including the top global asset managers managing over $13trn in assets.