Zusammenfassung aus SQ-Research-Report vom 12. März 2010 zum Kosmetik-Deal: This is a good deal for Heliad, in line with its asset-light business approach. With FCP, a strong partner is found, which has in the past teamed with FCP on the 'New I-D Media AG' transaction. We understand that the new deal could add some 8 - 10cts in earnings to Heliad's EPS (based on the increased number of shares, i.e. on 12.3m Heliad shares), once in fully restructured operation. This would add around 10% to Heliad's current 2011 consensus EPS of €91cts. The stock trades at a 2011 P/E ofd less than 4.0times and at 5.4times 2010e EPS. This appears to be overly conservatively priced, given that Heliad's NAV (equity per share, based on the TIG/Heliad merger prospectus) is around €8.73/share. Although this might be slightly adjusted towards the end of 2009, the discount to NAV for a profitable 'new' Heliad company appears to be too high. BUY 3,75 |