(Finance) – Thepurchase of Verivox on the part of Multiply Group (previously called Gruppo MutuiOnline), a company listed on Euronext STAR Milan, would be “very interesting” with theentry into a new market, Germanyalready one of the largest. This was stated by analysts at Kepler Cheuvreux (Hold with a target price of 40 euros per share), after speculation reported by Bloomberg according to which Moltiply has emerged as the only bidder for Verivox, the price comparison platform owned by the German ProSiebenSat.1.
The agreement could be reached as early as January, with a potential compensation of over 250 million euros, making it the Multiply’s largest acquisition ever.
The acquisition multiple sounds interestingwith an EV/sales multiple of 1.4x and an EV/EBITDA of 9.2x (assuming an EBITDA margin of 15%). This figure is lower than previous acquisitions, which can be attributed to ProSieben’s major shareholders, including MFE-MediaForEurope (controlled by the Berlusconi family in Italy) and the Czech investment company PPF, which pushed ProSieben to focus on its core TV business and divest e-commerce assets such as Verivox.
Kepler estimates that Moltiply will end fiscal 2024 with a net debt/EBITDA ratio of 2.4x and net debt of approximately €290 million (€206 million of 1.6x at end-2025). He believes the acquisition would come likely financed through the sale of its 8.2% stake in MoneySuperMarket.comwhich has long been considered a pure financial investment and has faced ongoing questions about its strategic relevance. By selling this stake, Moltiply could raise up to 105 million euros. Assuming the remainder of the acquisition is financed through debt, Moltiply’s net debt is forecast to reach approximately €374 million by 2025, with a debt-to-EBITDA ratio of 2.3x.
“We believe this acquisition makes strategic sense, particularly in light of the company’s goal to expand internationally, as demonstrated by its previous acquisition of Pricewise in the Netherlands and its current presence in Spain, France and Mexico,” the company said. research – Adding Verivox would position Mavriq among the largest players in Germany Con Including Verivox, the international segment would represent 67% of the entire Mavriq divisiontransforming it into a truly global player.”
(Photo: © Veerasak Piyawatanakul)