måndag 4 juni 2018


Innehåller reklam och annonslänkar.

Nu var det ett bra tag sedan jag tittade till den gamla favoriten Hexatronic. Jag missade nästan att den internationella expansionen fortgår, denna gång med intressanta förvärv i UK till attraktiva multiplar. 

"...Today Hexatronic Group announced yet another international acquisition. This time in the UK with the training company PQMS for GBP 2m, with an additional purchase consideration of up to GBP 2.6m. As part of the transaction, Hexatronic also acquires the companies Smart Awards Limited and Gordon Franks Training Limited. The purchase is conducted at attractive multiples and we view the acquisition as strategically important and further strengthens Hexatronic’s position on the fast-growing UK market.

PQMS had an income of about GBP 4.2m during 2017 and is expected to show a strong growth going forward. The EBITDA margin is not disclosed in the press release. The purchase price amounts to GBP 2.0m with an additional purchase consideration of up to GBP 2.6m. The EV for the deal represents an acquisition multiple of 2.0x to 4.6x of the projected EBITDA for 2018, so the forecasted EBITDA should be around GBP 1m.

In our recent research updates, we have had a focus on the potential in the UK market. We view the acquisition of PQMS and the complementary companies as an important strategic step to strengthen Hexatronic’s position in the region. PQMS is today a training provider to some of the largest telecom companies in the UK and this direct customer connection is likely a big reason for Hexatronic’s acquisition. We continue to view Hexatronic as an attractive quality growth company riding on strong secular growth trends. ..."

Länk till Hexatronic hos Avanza

1 kommentar: