United States

Analyst Research Report Snapshot


Charles Stanley: Coms (Buy)




Charles Stanley Securities


06 Nov 2013





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Strategy takes shape with the biggest acquisition yet Coms has announced the acquisition of Communica Holdings Limited from Redstone Plc for £9.5m of which £1.85m is deferred one year from completion. Coms is paying 3.8x reported EBITDA and 0.3x sales for the business which brings approximately 300 more employees and more than triples our revenue forecast for the company in 2015. We believe the move creates significant additional value for shareholders and appears to be a good fit for Coms business as it can provide cross-selling opportunities and cost synergies. We reiterate our Buy rating and 6p price target.

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