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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Barclays PLC    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Ferretti's owner aims to list yacht maker, timing to be decided

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04/16/2019 | 11:02am EDT

MILAN (Reuters) - Chinese conglomerate Weichai Group, which owns a near 87 percent stake in Ferretti, plans to list the luxury yacht maker but has still to decide a timetable for the deal, the Italian firm's chief executive said on Tuesday.

"The listing is an opportunity," Ferretti CEO Alberto Galassi said. "Our Chinese investor sees it as a natural evolution of its investment."

He added that the formal process for the initial public offering had not yet started, and that it could be difficult to complete the deal by year-end.

"It is up to shareholders to decide, and then we will execute," Galassi said on the sidelines of the company's 2018 results presentation.

Weichai controls the group via its majority stake, with Piero Ferrari, the son of founder of the sports car maker with the same name, holding the rest. The Chinese investor is expected to reduce its shareholding with the IPO.

Sources said last week Ferretti would name Barclays, BNP Paribas and UBS as global coordinators for a share sale.

For the yacht maker, a listing on the Milan bourse would be a return to the stock market after the group was delisted in 2003 and acquired by private equity firms, before being bought by Weichai Group in 2012.

Under the Chinese ownership, the maker of Riva and Pershing yachts paid off its debt and returned to profit in 2016.

Last year the group posted a 7.5 percent rise in its value of production, a proxy of revenue. Earnings before interest, tax, depreciation and amortization (EBITDA) fell 10 percent to 53 million euros, hit by the decision to drop some old models.

Ferretti said it had completed the acquisition of the luxury sailboat maker Wally, increasing the brands in its portfolio to eight.

The chief executive said the company would build a special speedboat under its Riva brand to be sold at an auction to raise money for the reconstruction of Paris cathedral Notre-Dame, which was devastated by fire on Monday.

"We are small and we are Italian but the Riva brand owes its good fortune to the French Riviera, so we have decided to build a special Riva speedboat to raise money to contribute to Notre-Dame's rebuilding," Galassi said.

The boats are worth between 600,000 and 800,000 euros each, he said.

(Editing by Jan Harvey)

By Francesca Landini

Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC -0.68% 139.7202 Delayed Quote.-6.59%
BNP PARIBAS -0.12% 40.745 Real-time Quote.3.34%
UBS GROUP -0.15% 10.28 Delayed Quote.-17.12%
VALUE8 N.V. 2.22% 5.52 Delayed Quote.16.46%
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Financials (GBP)
Sales 2019 21 270 M
EBIT 2019 7 539 M
Net income 2019 3 534 M
Debt 2019 -
Yield 2019 6,03%
P/E ratio 2019 6,69x
P/E ratio 2020 6,04x
Capi. / Sales2019 1,14x
Capi. / Sales2020 1,10x
Capitalization 24 240 M
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 189,20  GBp
Last Close Price 140,60  GBp
Spread / Highest target 99,1%
Spread / Average Target 34,6%
Spread / Lowest Target -21,3%
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Managers
NameTitle
James Edward Staley Group Chief Executive Officer & Director
John McFarlane Group Chairman
Paul Compton Group Chief Operating Officer
Tushar Morzaria Group Finance Director & Executive Director
John Stecher Chief Innovation Officer
Sector and Competitors
1st jan.Capitalization (M$)
BARCLAYS PLC-6.59%29 423
JP MORGAN CHASE & COMPANY11.34%344 382
INDUSTRIAL AND COMMERCIAL BANK OF CHINA3.97%265 455
BANK OF AMERICA10.67%251 603
WELLS FARGO & COMPANY-1.80%195 587
CHINA CONSTRUCTION BANK CORPORATION11.30%185 314