TNT Rises; Takeover Speculation May Be Renewed: KeplerCheuvreux
2014-06-04 07:56:36.354 GMT
By Brian Lysaght
June 4 (Bloomberg) -- TNT rises as much as 3.5%, most in
three weeks. Vol. 44% of 3-mo. daily avg.
* KeplerCheuvreux raises to buy from hold, PT raised to EU7.5
(17% upside) from EU7
* Sees recovery underway, Ebit doubling in 2016 vs 2013
* UPS legal appeal has “good chance” of overturning EU
decision blocking TNT takeover; positive decision for UPS
would renew TNT M&A speculation
* Other parcel cos. in addition to UPS may be interested
* Appeal may take 1-2 years
* TNT recent share weakness partly due to PostNL 15% stake
overhang, blocking period ends early June: KeplerCheuvreux
* NOTE: 10 buys, 7 holds, 11 sells; avg PT EU7, implies ~7%
upside: Bloomberg data
* See April 2013: UPS Appeals EU’s Rejection of $6.7b TNT Bid
* April 28: TNT 1Q Adjusted Rev EU1.67b vs EU1.72b Y/y
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To contact the reporter on this story:
Brian Lysaght in London at +44-20-7330-7908 or
blysaght@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Gaurav Panchal
2014-06-04 07:56:36.354 GMT
By Brian Lysaght
June 4 (Bloomberg) -- TNT rises as much as 3.5%, most in
three weeks. Vol. 44% of 3-mo. daily avg.
* KeplerCheuvreux raises to buy from hold, PT raised to EU7.5
(17% upside) from EU7
* Sees recovery underway, Ebit doubling in 2016 vs 2013
* UPS legal appeal has “good chance” of overturning EU
decision blocking TNT takeover; positive decision for UPS
would renew TNT M&A speculation
* Other parcel cos. in addition to UPS may be interested
* Appeal may take 1-2 years
* TNT recent share weakness partly due to PostNL 15% stake
overhang, blocking period ends early June: KeplerCheuvreux
* NOTE: 10 buys, 7 holds, 11 sells; avg PT EU7, implies ~7%
upside: Bloomberg data
* See April 2013: UPS Appeals EU’s Rejection of $6.7b TNT Bid
* April 28: TNT 1Q Adjusted Rev EU1.67b vs EU1.72b Y/y
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Brian Lysaght in London at +44-20-7330-7908 or
blysaght@bloomberg.net
To contact the editors responsible for this story:
James Ludden at +44-20-7673-2645 or
jludden@bloomberg.net
Gaurav Panchal