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30 Jul, 2021 13:43 30 Jul, 2021 13:43

Liberum hikes target price on Sanne

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Analysts at Liberum hiked their target price on Sanne from 660.0p to 875.0p on Friday following the group's interim results earlier in the week and due to an updated takeover offer from Cinven.

Liberum stated Sanne's first-half trading update released on Wednesday guided to trading being in line, but stated there was also encouraging progress on new business wins, which were up roughly 38% on half-on-half.

The analysts also noted that within the trading update, Sanne announced its acquisition of PraxisIFM's European fund administration business for £54.0m, which lead them to increase their full-year fully diluted earnings per share estimates by 4.5%.

"Our FY21 net debt estimate rises from £17m to £72m, or 1.2x net debt/EBITDA, as we expect the cash consideration to be paid on 1 November," added Liberum, which maintained its 'hold' rating on the stock given ongoing takeover discussions with Cinven.


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Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.