Analyst Research Report Snapshot

Title:

DAISY GROUP - INTERESTING NEW NICHE

Price:

$10.00

Provider:

Edison Investment Research

Date:

03 Dec 2010

Pages:

2

Type:

AcrobatPDF

Companies referenced:

DAY.L

Available for Immediate Download
Summary:

Daisy has announced the acquisition of privately held NEG MBO Two Limited (trading as Network Europe Group) for £23.5m in cash. We expect the deal to contribute about £1m and £4.5m to Daisy’s FY11 and FY12 EBITDA respectively, implying about a 4.9x acquisition multiple (ie below the 5.5x for SpiriTel). A ‘deal hiatus’ now seems likely, although investors will be keen to see if, and how, Daisy decides to replenish its dwindling debt facilities after its recent £56m spending spree.

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