pour ceux qui la suivent, voici ce qu'en dit KBC ce matin :
EVS
sells its stake in dcinex to Ymagis
MEDIA CURRENT PRICE € 36.72 ACCUMULATE
BELGIUM TARGET PRICE € 44.00 RATING UNCHANGED
Source: Thomson Reuters Datastream
EVS Broadcast Equipment today announced that it has reached an
agreement to sell its 41.3% stake in dcinex to French quoted company
Ymagis. The signature of final documentation and the execution of the
transaction should take place in the coming weeks, subject to usual
precedent conditions.
Under the agreement, EVS will receive at the closing: € 2.1m in cash,
288,851 new Ymagis shares, € 6.4m in Ymagis bonds, which have a
maximum maturity of 5 years. These bonds are associated with warrants.
Ymagis (Formed in 2007 and managed by professionals from the world of
cinema and high technologies,) specialises in digital cinema services. Ymagis
provides its services to producers and distributors of films and additional
content, advertising agencies and cinema exhibitors, in order to help them
make the most of the creative, marketing and financial aspects of digital
technologies. Ymagis’ offering covers two business divisions: VPF (2)
management and provision of services to cinema exhibitorsand
producers/distributors. The latter services cover the sale and installation of
cinema equipment, maintenance and facilities management of digital
projection equipment, sale and rental of 3D glasses, post-production of
content, and the preparation and delivery of DCP (3) and KDM (4). Each
week, Ymagis’ digital labs deliver thousands of DCP and KDM to cinemas in
Europe on behalf of its distributor clients and advertising agencies. In 2013,
the Group generated consolidated revenue of € 47.3m, up 19% compared
with 2012, and a profit before tax of € 4.0m, up 27%.
In total, the approximate aggregate value of the different components (at last
closing Ymagis share price of € 7.90) represents around € 10.8m for EVS.
On March 31, 2014 dcinex was valued at € 7.9m on the EVS balance sheet.
In addition, dcinex will reimburse the currently existing shareholders’ loans.
Today, the loan granted by EVS (including interests) amounts to € 1.5m.
Conclusion
Although we were hoping for a higher price for dcinex we think it is positive
EVS will now fully focus on its four core market strategy (Sport,
Entertainment, News and Media) in the broadcast sector. Dcinex’s activities
are extremely complementary with those of Ymagis, facilitating the
implementation, immediately and over the medium term, of significant
synergies and economies of scale, notably by: a) drawing on the two groups’
existing commercial infrastructures and networks for the marketing of new
services as well as the software developed in-house; b) optimising the digital
labs’ production capacity; c) planning for rationalisation of the satellite
transmission activities in Europe; d) sharing R&D and marketing resources;
e) optimising the two groups’ purchasing capacity and their supply chain ;
f) minimising the two groups’ expenditure: insurance, telecommunications,
etc.
We maintain our ACCUMULATE but lower our Target Price to € 44.
