- 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 the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Adrian LOH UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-11-30
Read also UOB's most recent report:
2024-04-26 Keppel - Steady As She Goes.
Previous report by UOB:
2024-02-02 Keppel - Strong 2023 Results With A Rosy M&A Outlook Ahead.
Price targets by 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 Dividends & Corporate Actions,
Keppel Corp News Articles
