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24/04/2024 10:50
Czech Economic Outlook: Fasting over: growth ahead
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Company analysis: Colt CZ (Buy, TP=CZK921) - 12m target upgrade - Boosted by M&A
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29/05/2023 14:19
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03/03/2023 11:03
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03/05/2023 14:04
Czech Economic Outlook - May 2023

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24/04/2024 10:50
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Company notes: Colt CZ: Completion of Sellier & Bellot acquisition

17/05/2024 11:12

Colt CZ announced that it has completed the acquisition of 100% of the shares of Sellier & Bellot. Colt is acquiring a truly strategic asset that will complement its portfolio.

As expected, the transaction price consists of 350m USD (CZK7.96 billion) in cash and the issuance of 13,476,440 new Colt CZ shares. The new shares were issued on May 16 at a price of EUR24.1066 (CZK595.8, or CZK8bn in total). S&B will also be consolidated as of May 16.

We estimate that the S&B acquisition is valued at about 9x EV/EBITDA. This is slightly below Colt's multiple.

Colt's leverage is expected to increase to 2.6x (net debt / EBITDA) following the acquisition.

The seller, CBC Europe, will receive a 27.71% stake in Colt CZ. The majority owner remains Ceska zbrojovka Partners SE, which will control 54.5% of all shares after the transaction. The free float amounts to 17.8%.

Autor: Bohumil Trampota
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