(News Bulletin 247) – If it remains to ‘buy’ on Bigben for questions of valuation and conviction of undervaluation of Nacon, Invest Securities adjusts its price target from 6.8 to 6.2 euros to integrate the distribution of 4.3% of Nacon’s capital to its shareholders.
After this distribution, the research department believes that ‘the prospects for new returns to shareholders are seriously reduced, especially since the financial structure of Bigben excluding Nacon offers no room for manoeuvre’, according to him.
Adding that his assessment of the Audio/Telco activities represents almost the value of own liabilities excluding Nacon, he considers that buying Bigben ‘only amounts to betting on a rebound of Nacon, with less leverage and a risk on the financial situation’.
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