Clasquin $ALCLA - Takeover at 325m EV

Clasquin will likely be the second Wintergems stock being takeover this year after Logistec, at current price Clasquin is up 58% from our purchase price in July.

MSC SA to buy Clasquin for an Enterprise value of 325m

The article constitutes my personal views and is for entertainment purposes only. This is not an investment advice. The projections and estimates provided here should be considered as purely speculative. Do your own model and projections. Please refer to the disclaimer at the end of this article for more details.

A quick analysis

Once due diligence process is completed, MSC SA should make an offer to the family and to all shareholder for 325m enterprise value.

According to an analysis done by Portzampac today, Clasquin will be almost debt free (.6m net debt) by year end of 2023, and considering a liability of 13.4m to minority holdings, the offer should net 311m to shareholder. As such with 2.3m shares, ordinary shareholder should get around 136m according to Portzampac.

During the timeframe, a dividend should also be paid to shareholder in July 2024 to be expected of 2.50. As such, shareholders could get 138.5 per share with dividends by September 2024 when the OPA should be completed. The arbitrage yield at current price of 124euro should be provide a gain of 12% or about 16% annualized. Of course there is a risk that the deal does not go through or that a higher bidder may come.

This is the second small cap stock to be taken over this year - out of 7 small cap analyzed here. I excluded Adyen and Amazon, since these are large cap which were trading at depressed value, so a different thematic.

Disclaimer: The above article constitutes the authors’ personal views and is for entertainment purposes only. It is not to be construed as financial advice in any shape or form. Please do your own research and seek your own advice from a qualified financial advisor. The authors may from time to time hold positions in the aforementioned stocks consistent with the views and opinions expressed in this article. The information provided in this article is not making promises, or guarantees regarding the accuracy of information supplied, nor that you guarantee for the completeness of the information here. The information in this article is opinion-based and that these opinions do not reflect the ideas, ideologies, or points of view of any organization the authors may be potentially affiliated with. The authors reserve the right to change the content of this blog or the above article. The performance represented is historical" and that "past performance is not a reliable indicator of future results and investors may not recover the full amount invested.