BHS (BH Securities a.s.)
Markets  |  April 03, 2013 10:06:14

AAA offers for purchase of 23.30 CZK (sell or not to sell)


Trading in shares of AAA Auto recorded yesterday rather surprising course. Title as if in response to the General Assembly confirmed the departure from the market reacted with a sharp decline when the trade took place even for CZK 20. Finally, to close at CZK 23.80 (-1.04%). The market has been for a long time the prevailing view was that the offered purchase price will be around 23 CZK. In response to published positive results of a title last week even swung over CZK 24.

The company now announced that the purchase price according to Hungarian law set to 275,173 HUF. In the domestic market, then purchase offers the equivalent of 23.30 CZK. Further details are yet to be published, in any case offer is to take place from Monday, 04.08 to 7.6, respectively. apparently on the PSE until their delisting (scheduled for 6.28).

The domestic market, however, actually leaves currently the most profitable company. Last year's profit of EUR 22.3 million, respectively. the equivalent of roughly CZK 8.50 per share, in relation to the course of the company is most profitable company (P / E 2.74). Although the company itself for this year predicts economic decline, the title was certainly primed to continue correction losses that accumulated after the IPO, respectively. then after an attempted expansion of the company into foreign markets. For shareholders, the question arises, therefore, whether the shares at the current price to sell, or to speculate on resp. advantageous offer. Due to AAA earlier announcement that the applicant (i) a company prefer private company can speculate on interest in acquiring all the shares from the market. Company itself logically (legally) shares at a higher price than the statutory repurchase can not. Logic would therefore be interesting to follow menu itself majority owner A.Denny. As another option then if already a small balance of shares among investors, of course, comes into displacement.

Generally the idea that due to the aforementioned A.Denny profitability, the company sold at the current price, seems to be certainly unrealistic. Proposed purchase price valued the company at just under 1.6 billion CZK.

J.Zendulka
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AAA nabídne odkup za 23,30 Kč (prodat či neprodat)

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