Keppel Corporation - UOB Kay Hian 2023-11-30: The Force Is Strong With This One

• Keppel’s acquisition of top-ranked Aermont Capital, which has a major European real estate presence, arguably puts the company into the league of global asset managers. This acquisition will deliver growth as well as investor and geographic diversification for Keppel.
• - Read this at SGinvestors.io -

Taking a big step into European real estate.

• Keppel announced that it will be acquiring an initial 50% stake in Aermont Capital (Aermont) for S$517m with funding via cash and Keppel treasury shares. The acquisition’s implied valuation of 13x EV/EBITDA is lower than Keppel’s 2024F EV/EBITDA of around 19x.
• - Read this at SGinvestors.io -
• Completion of the deal is expected to occur in 1H24, with Keppel stating that it intends to acquire the other 50% stake by 2028, subject to performance measures over the next five years.

Who is Aermont Capital?

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-04-25 Keppel - Profits Up, Monetisation Gains Traction & Infrastructure Delivers Stability.

Previous report by UOB:
2025-02-06 Keppel's 2024 Earnings - Solid Numbers With Much To Look Forward To This Year.

Price targets by 4 other brokers at Keppel Corp Target Prices.

Listing of research reports at Keppel Corp Analyst Reports.

Relevant links:
Keppel Corp Share Price History,
Keppel Corp Announcements,
Keppel Corp Dividend Payout Dates & Corporate Actions,
Keppel Corp News