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MarketScreener Homepage  >  Equities  >  Xetra  >  OSRAM Licht AG    OSR   DE000LED4000

OSRAM LICHT AG

(OSR)
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Osram Shares Rise After Shareholder Compensation Agreement With Ams

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09/23/2020 | 09:30am EDT

By Cecilia Butini

Shares in Osram Licht AG rose on Wednesday after it agreed on a domination and profit and loss transfer agreement with majority shareholder Ams AG.

Under the agreement--which paves the way for the creation of a combined sensor-solutions and photonics company--Osram shareholders would be compensated 44.65 euros ($52.28) for each share if they sold their shares to Ams.

The agreement also contains an annual net recurring payment of EUR2.24 a share, Ams said.

At 1150 GMT, shares in Osram traded 15.5% higher at EUR50.12.

The planned annual compensation payment presents a highly attractive return, Commerzbank said, noting that it represents a 5.9% yield based on Osram's closing price of EUR43.40 yesterday.

The agreement is contingent on approval by at least 75% of the votes of the extraordinary general meeting of Osram, which will be held on Nov. 3.

"Considering that Ams holds about 71% of the share capital, we take a very constructive view that the agreement will be reached," analysts at Commerzbank said.

However, the integration of Osram by Ams is seen as "challenging" by analysts at Bryan Garnier, who said it would be difficult for Ams to meet the EUR300 million in synergies that it expects within three years from the closure of the acquisition.

Bryan Garnier also sees the takeover deal as expensive and noted that Ams would need to spend EUR1.25 billion for the remaining shares of Osram, bringing the total acquisition price tag to EUR3.7 billion.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
AMS AG -3.22% 20.13 Delayed Quote.-47.03%
COMMERZBANK AG -4.68% 4.24 Delayed Quote.-19.41%
OSRAM LICHT AG 0.24% 50.94 Delayed Quote.15.24%
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Financials
Sales 2020 3 052 M 3 609 M 3 609 M
Net income 2020 -170 M -201 M -201 M
Net Debt 2020 441 M 521 M 521 M
P/E ratio 2020 -28,7x
Yield 2020 -
Capitalization 4 785 M 5 655 M 5 659 M
EV / Sales 2020 1,71x
EV / Sales 2021 1,58x
Nbr of Employees 21 800
Free-Float 22,3%
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Technical analysis trends OSRAM LICHT AG
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 10
Average target price 44,06 €
Last Close Price 50,88 €
Spread / Highest target 57,2%
Spread / Average Target -13,4%
Spread / Lowest Target -33,2%
EPS Revisions
Managers
NameTitle
Olaf Berlien Chief Executive Officer
Peter Bauer Chairman-Supervisory Board
Kathrin Dahnke Chief Financial Officer
Stefan Horst Michael Kampmann Chief Technology Officer
Christine Bortenlänger Independent Member-Supervisory Board
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