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MarketScreener Homepage  >  Equities  >  Nasdaq  >  The Carlyle Group Inc.    CG

THE CARLYLE GROUP INC.

(CG)
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Carlyle, Apollo compete for Deutsche Bahn's Arriva unit - sources

09/06/2019 | 05:13am EST

FRANKFURT/BERLIN (Reuters) - U.S. buyout groups Carlyle and Apollo are working on competing offers for Deutsche Bahn's Arriva unit as the auction enters its final stage, people close to the matter said.

Confirmatory offers for the business, which is expected to be valued at 3-4 billion euros ($3.3-4.4 billion), are due on Thursday, with a final round of bidding expected in late October, they added.

The two investors are seen as the most likely buyers, while peer investor Lone Star also remains in the running, they said.

Arriva competitors - such as Keolis, Go-Ahead, Stagecoach, Transdev or ComfortDelGro - are each only keen on parts of Arriva, and will therefore unlikely prevail in the auction as Deutsche Bahn wants to sell the unit in one go, they said.

Separately, Deutsche Bahn is continuing to prepare for a potential 2019 Amsterdam flotation of Arriva and has recently held presentations for analysts, tasked with crunching numbers and guiding investors on valuation.

Deutsche Bank and Citi are organising the initial public offering as so-called global coordinators with the help of BNP, HSBC, Credit Suisse and ING, they said.

Deutsche Bahn, the bidders and banks declined to comment or were not immediately available for comment.

Deutsche Bahn's supervisory board is scheduled to convene on September 18 to discuss the deal, although a final decision on whether to sell or float the business will only be taken in October, the sources said.

Arriva, which employs 53,000 people across Europe, runs British rail franchises including Northern and the London Overground as well as buses around the country.

It generated adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of 575 million euros in 2018 on sales of 5.44 billion euros.

British peers Go-Ahead, Stagecoach and National Express trade at 4.2 to 7.4 times their respective core earnings.

Arriva consists of three units: a UK rail division, a European rail unit and bus operations in all of Europe.

The UK rail environment is facing challenges as franchise bidders are being asked by the government to take on the full long-term funding risk of part of the Railways Pension Scheme.

Stagecoach Group is suing the Department for Transport after it was disqualified for bidding for three franchises because it did not comply with that request.

(Additional reporting by Pamela Barbaglia; Editing by Michelle Martin)

By Arno Schuetze and Markus Wacket


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
BYD COMPANY LIMITED 0.06% 172.9 End-of-day quote.345.05%
COMFORTDELGRO CORPORATION LIMITED 0.62% 1.63 End-of-day quote.-31.51%
CREDIT SUISSE GROUP AG 0.77% 11.755 Delayed Quote.-11.03%
DEUTSCHE BANK AG 0.61% 9.811 Delayed Quote.40.97%
DWS GROUP GMBH & CO. KGAA 0.10% 33.965 Delayed Quote.6.88%
HSBC HOLDINGS PLC 0.42% 424.05 Delayed Quote.-28.81%
ING GROEP N.V. 1.19% 8.415 Delayed Quote.-22.38%
JUST GROUP PLC -0.41% 57.55 Delayed Quote.-26.71%
NATIONAL EXPRESS GROUP PLC -1.79% 251.645 Delayed Quote.-44.93%
STAGECOACH 6.70% 72.3619 Delayed Quote.-57.22%
THE CARLYLE GROUP INC. -0.17% 28.81 Delayed Quote.-10.19%
THE GLOBAL LTD. -6.38% 308 End-of-day quote.-34.61%
WILL GROUP, INC. 0.40% 994 End-of-day quote.-20.61%
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Financials (USD)
Sales 2020 2 177 M - -
Net income 2020 642 M - -
Net Debt 2020 144 M - -
P/E ratio 2020 15,8x
Yield 2020 3,47%
Capitalization 10 185 M 10 185 M -
EV / Sales 2020 4,75x
EV / Sales 2021 4,71x
Nbr of Employees 1 775
Free-Float 54,2%
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Technical analysis trends THE CARLYLE GROUP INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 31,82 $
Last Close Price 28,81 $
Spread / Highest target 30,2%
Spread / Average Target 10,5%
Spread / Lowest Target -2,81%
EPS Revisions
Managers
NameTitle
Kewsong Lee Chief Executive Officer & Director
William E. Conway Executive Co-Chairman
David M. Rubenstein Executive Co-Chairman
Christopher Finn Chief Operating Officer
Curtis L. Buser Chief Financial Officer
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