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Peel Hunt: Babcock (Buy) - Avincis – another growth leg




Peel Hunt


04 Apr 2014





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Babcock (Buy) Avincis – another growth leg After months of speculation, on 27 March Babcock announced the proposed acquisition of Avincis for £1,625m. The transaction will be partly funded by a £1.1bn rights issue and will be 7% accretive to FY2016E earnings. In this note we examine in detail the common attractive characteristics and strong growth prospects for Avincis, as well as the financial metrics of the proposed deal. While the price paid was full, Avincis adds another leg of strong growth to Babcock. We retain our Buy recommendation.

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