Analyst Research Report Snapshot

Title:

'Tuck in' acquisition of niche IT recruiter

Price:

$100.00

Provider:

Equity Development

Date:

09 Sep 2013

Pages:

2

Type:

AcrobatPDF

Companies referenced:

MTEC.L

Available for Immediate Download
Summary:

Today Matchtech announced that it had acquired Application Services Ltd (trading as Provanis) for £4m in cash for the shares along with assumed debt, subject to standard closing conditions. We believe the transaction is an ideal fit with their existing Connectus (technology) division. Additionally it expands the group's activities abroad, and provides valuable expertise in the niche Enterprise Resource Planning (ERP) recruitment sector. The deal is anticipated to be earnings accretive, as we have upgraded 2014 PBT by 3.4% to £10.4m, and nudged up our target price from 443p to 448p/share. Despite strong recent performance Matchtech shares are still not expensive, on an undemanding forward PER of 12.4x, roughly a 30% discount to its peers.

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