Wednesday, 15 June 2016

Goldman Sachs tips Sky, Cairn Energy and Zealand Pharma as takeover candidates

I never quite know what to make of a equity research teams' M&A predictions.

Why? Well, investment bank's equity research teams are supposed to have "Chinese walls" but you would have thought it's unlikely a top investment bank would actually let its own equity research analysts predict a deal that its M&A advisory bankers are actually working on.

Perhaps, then, that's why Sky's shares have dropped like a stone - down almost 10pc in the last five days - despite a prediction yesterday from Goldman Sachs's scribblers that it could be taken over because it's a "strategic target".

Anyway, I'm well aware the Goldman Sachs note was floating around the market yesterday but I thought I would paste the juicy bits below for loyal readers who interested in it but haven't been able to access it or read it, yet.    

So, pasted below are the key parts of the note from Goldman Sachs writers Katherine Ward, Jenny Lim, Rahul Argawal, Aayushi Chaudhary. They form part of the "European Tactical Research Group".

M&A back in the headlines after a muted start to the year
European M&A volumes are down nearly 30% in the YTD, amidst broader market weakness and a backdrop of increasing policy uncertainty. However with Bayer/Monsanto and Microsoft/LinkedIn bringing deal-making back into the headlines, and the recently launched CSPP from the ECB raising new questions about balance sheet firepower in Europe, this seems an optimal time to rebalance our M&A basket (ticker: GSTRACQN). This basket contains the stocks where our analysts see the highest likelihood of M&A activity. Since launching in June 2015, the basket is up 5.3% vs. SXXP. Over that period, 13 companies under GS European coverage have been subject to bids, of which 8 have featured in the basket.


Additions with this rebalance:
The high fragmentation of the customer care interaction market creates a number of opportunities for consolidation in this space. On January 18, 2016, we initiated on Teleperformance, applying a rank of 2 based on our Business services M&A framework.
Our Telecom analysts have moved Bouygues to a rank of 2 (from a rank of 4) given the managements of Orange and Bouygues Telecom have formally announced talks, indicating that Bouygues appears to be a willing seller.
Elsewhere in the Telecoms, our analysts have included a 20% M&A premium weight in the price target of Tele Columbus to reflect the stock’s strategic appeal. As the final large- scale, independent cable operator left in Germany with no blocking stakeholder, our analysts believe that Tele Columbus presents an attractive M&A target and believe that meaningful synergies could accrue to any larger scale cable operator.
In the Media space, as the worlds of media and telecoms converge, with BT, Sky and TalkTalk all entering the mobile market, and Vodafone potentially entering TV, our analyst sees Sky as a strategic target, given the stickiness of the TV product and its growing pipeline of in-house content. A hypothetical move towards pan-European selling of rights could also incentivize further pan-European consolidation.
Our Oil team applies an M&A premium to strategic oil rich assets. Our analysts view the ‘SNE’ project as one of the few non-Brazilian deepwater projects that can thrive in the new world of US$60 pricing. Accordingly, they attach an M&A premium (rank of 1; 50% M&A weighting) to the asset in their SOTP valuation of Cairn Energy.
In the Financial space, our Real estate team incorporates an M&A score of 2 (from 3) in case of PSP Swiss Property based on the fact that stocks trading at a discount to NNNAV are potentially interesting to corporate acquirers and that those with particularly high levels of cost can offer potential synergies to an acquirer.
In the Biotech space, Zealand Pharma screens as an attractive target (Rank of 1). Zealand’s key asset (lixisenatide), is partnered with Sanofi. It has recently passed an FDA advisory committee vote, and hence is largely a derisked asset. In achieving FDA approval (PDUFA set for August 2016) and also with a sales launch, Zealand triggers a set of royalty payments, and hence an associated increase in cash flow. As a result, our analyst believes that Zealand offers significant strategic appeal. 

12 comments:

  1. Hello, I am Sheryln Coleman I’m the most happiest person on the face of the earth, after 6 months of sadness and sorrow without being with the one i love, i tried all my possible best to make sure i make my lover happy but it never seems to work out well it was like am doing everything in vain but all thanks goes to Dr Ogundu for coming to change all my worries and sadness to Joy. i knew the great man when i read some wonderful testimony about Dr Ogundu how he has helped lots of people on their relationship problems i was reading a magazine when i saw great testimonies, as well my predicament then i decided not to waste time because i have missed my lover so much i decided to contact him and share all my problem with him which he told me not to worry that he is assuring me that within 48 hours everything would be sorted out i believed Dr Ogundu so much because of how he has been helping many people, my boyfriend who left me for good suddenly replied my text and returned my calls and asked me to please forgive him i was so happy am so grateful to Dr Ogundu for what he has done for me and i promise to testify his goodness all through my life. If you are there passing the same problem or any kinds of problem contact this great man on his email address: drogunduspellcaster@gmail.com
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  2. Hi i want to give thanks to priest Aluta Magic Temple for helping me bring back my ex back, i was seriously in a heartbreak with my ex and i think all hope was lost until i was browsing the internet and i saw a testimony that someone shared about priest Aluta Magic Temple and i choose to contact him also to see if he can still help me i gave him a trial but at the end joy and happiness filled my heart i have never believed in a spell caster because i have been a victim of scammers on the internet, he casted a love spell on my ex to make realize the truth. My Ex who break up with me for more than 9 month called me after 5 days of meting Dr Aluta and she want to come back to me she even apologize to all she had done to me and want my forgiveness. so reader if you are out there looking for the help of any kind in your relationship or marriage you are advise to contact his email; traditionalspellhospital@gmail.com

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  3. Hi everyone, fix your broken relationship and marriage right now no matter how hopeless your situation seems!! I am so excited sharing my testimony with everyone here about how i saved my marriage and got my husband back after a divorce..I am Natasha Hayes by name and i live in England. I'm a happily married to a lovely and caring husband ,with two kids.A very big problem occurred in my family seven months ago,between me and my husband .so terrible that he took the case to court for a divorce.he said that he never wanted to stay with me again,and that he didn't love me anymore.So he packed out of the house and made me and my children passed through severe pain. I tried all my possible means to get him back,after much begging,but all to no avail.and he confirmed it that he has made his decision,and he never wanted to see me again. So on one evening,as i was coming back from work,i met an old friend of mine who asked of my husband .So i explained every thing to him,so he told me that the only way i can get my husband back,is to visit a spell caster,because it has really worked for him too.So i never believed in spell,but i had no other choice,than to follow his advice. Then he gave me the email address of the spell caster whom he visited.{Unityspelltemple@gmail.com}. So the next morning,i sent a mail to the address he gave to me,and the spell caster assured me that i will get my husband back the next day.What an amazing statement!! I never believed,so he spoke with me,and told me everything that i need to do. Then the next morning, So surprisingly, my husband who didn't call me for the past{7}months,gave me a call to inform me that he was coming back.So Amazing!! So that was how he came back that same day,with lots of love and joy,and he apologized for his mistake,and for the pain he caused me and my children. Then from that day,our marriage was now stronger than how it were before,by the help of a spell caster Dr Unity. So, i will advice you out there, if you have any problem contact Dr Unity and i guarantee you that he will help you and you will be the next to share your testimony to every one in the world!!. Email him at: Unityspelltemple@gmail.com or call him on: +2348072370762.

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  4. My heart is full of happiness since Dr. happy put a smile on face again by bringing the man i love most back in my life after putting my trust on him, my lover was back to me and i now believe love spell exist contact him via happylovespell2@gmail.com or call him via +2348133873774 also WhatsApp him with same number for quick response to solve your relationship or marriage today once again Dr. happy i'm grateful for your help.

    ReplyDelete
  5. HOW TO SAVE YOUR RELATIONSHIP
    THANKS TO GREAT DR GOODLUCK FOR SOLVING MY PROBLEMS my name is Mandy Divanna from uK, i was married to my husband for 5 years we were living happily together for this years and not until he traveled to Italy for a business trip where he met this girl and since then he hate me and the kids and love her only. so when my husband came back from the trip he said he does not want to see me and my kids again so he drove us out of the house and he was now going to Italy to see that other woman. so i and my kids were now so frustrated and i was just staying with my mum and i was not be treating good because my mother got married to another man after my father death so the man she got married to was not treating her well, i and my kids where so confuse and i was searching for a way to get my husband back home because i love and cherish him so much so one day as i was browsing on my computer i saw a testimony about this spell caster DR GOODLUCK testimonies shared on the internet by a lady and it impress me so much i also think of give it a try. At first i was scared but when i think of what me and my kids are passing through so i contact him and he told me to stay calm for just 24 hours that my husband shall come back to me and to my best surprise i received a call from my husband on the second day asking after the kids and i called Dr GOODLUCK and he said your problems are solved my child. so this was how i get my family back after a long stress of brake up by an evil lady so with all this help from DR GOODLUK, i want you all on this forum to join me to say a huge thanks to DR GOODLUCK and i will also advice for any one in such or similar problems or any kind of problems should also contact him his email is goodluck05spellcaster@gmail.com he is the solution to all your problems and predicaments in life. once again his email address is goodluck05spellcaster@gmail.com

    howtogetyourexbackdrgoodluck.wordpress.com

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  6. My life became devastated when my husband sent me packing, after 8 years that we have been together. I was lost and helpless after trying so many ways to make my husband take me back. One day at work, i was absent minded not knowing that my boss was calling me, so he sat and asked me what its was all about i told him and he smiled and said that it was not a problem. I never understand what he meant by it wasn't a problem getting my husband back, he said he used a spell to get his wife back when she left him for another man and now they are together till date and at first i was shocked hearing such thing from my boss. He gave me an email address of the great spell caster who helped him get his wife back, i never believed this would work but i had no choice that to get in contact with the spell caster which i did, and he requested for my information and that of my husband to enable him cast the spell and i sent him the details, but after two days, my mom called me that my husband came pleading that he wants me back, i never believed it because it was just like a dream and i had to rush down to my mothers place and to my greatest surprise, my husband was kneeling before me pleading for forgiveness that he wants me and the kid back home, then i gave Happy a call regarding sudden change of my husband and he made it clear to me that my husband will love me till the end of the world, that he will never leave my sight. Now me and my husband is back together again and has started doing pleasant things he hasn't done before, he makes me happy and do what he is suppose to do as a man without nagging. Please if you need help of any kind, kindly contact Happy for help and you can reach him via email: happylovespell2@gmail.com

    ReplyDelete
  7. My life became devastated when my husband sent me packing, after 8 years that we have been together. I was lost and helpless after trying so many ways to make my husband take me back. One day at work, i was absent minded not knowing that my boss was calling me, so he sat and asked me what its was all about i told him and he smiled and said that it was not a problem. I never understand what he meant by it wasn't a problem getting my husband back, he said he used a spell to get his wife back when she left him for another man and now they are together till date and at first i was shocked hearing such thing from my boss. He gave me an email address of the great spell caster who helped him get his wife back, i never believed this would work but i had no choice that to get in contact with the spell caster which i did, and he requested for my information and that of my husband to enable him cast the spell and i sent him the details, but after two days, my mom called me that my husband came pleading that he wants me back, i never believed it because it was just like a dream and i had to rush down to my mothers place and to my greatest surprise, my husband was kneeling before me pleading for forgiveness that he wants me and the kid back home, then i gave Happy a call regarding sudden change of my husband and he made it clear to me that my husband will love me till the end of the world, that he will never leave my sight. Now me and my husband is back together again and has started doing pleasant things he hasn't done before, he makes me happy and do what he is suppose to do as a man without nagging. Please if you need help of any kind, kindly contact Happy for help and you can reach him via email: happylovespell2@gmail.com

    ReplyDelete
  8. !!! How (Dr.Goodluck) Help Me Save My Marriage & Avoid Divorce !!!


    i can't really believe that i am with my Ex-Husband after when he broke up with me with 3 kids i thank Dr Goodluck of (goodluck05spellcaster@gmail.com) for helping me getting back my man back, My Name is Mandy Divanna from England and my man name is Mr Raymond, my happiness turn to bitterness,my joy turn to sorrow,my love turn to hate when my husband broke up with me last week,i was so frustrated and i could not know what next to do again, i was so unthinkable and i could not concentrate any more, i love my husband so much but he was cheating on me with another woman and this makes him broke up with me so that he can be able to get marry to the other lady and this lady i think cast a spell on my husband to make him hate me and my kids and this was so critical and uncalled-for,I cry all day and night for God to send me a helped to get back my man until i went to Westmoreland to see a friend and who was having he same problem with me but she latter got her Husband back and i asked her how she was able to get her husband back and she told me that their was a powerful spell caster in Africa name DR Goodluck that he help with love spell in getting back lost lover's back and i decided to contacted the same Dr Goodluck and he told me what is needed to be done for me to have my man back and i did it although i doubted it but i did it and the Dr told me that i will get the result after 24hours, and he told me that my husband was going to call me by 9pm in my time and i still doubted his word, to my surprise my husband really called me and told me that he miss me so much Oh My God i was so happy, and today i am happily with my man again and we are joyfully living together as one good family and i thank the powerful spell caster Dr Goodluck of goodluck05spellcaster@gmail.com, he is so powerful and i decided to share my story on the internet that good spell casters still exist and Dr Goodluck is one of the good spell caster who i will always pray to live long to help his children in the time of trouble, if you are there and your lover is turning you down, or you have your husband moved to another woman, do not cry anymore contact the powerful spell caster Dr Goodluck on his email: goodluck05spellcaster@gmail.com and he will answer you, i am a living testimony and i will continue to testify of his goodness in my family,he turn my family to paradise and today we are all happy together Dr Goodluck i say thank you in one million times thanks Dr.also contact him on his web site http://goodluck05spellcaster.yolasite.com

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  9. I just want to give a quick advise to any one out there that is having difficulty in his or her relationship to contact Dr.Agbazara because he is the only one that is capable to bring back broken relationship or broken marriages within time limit of 48 hours. You can contact Dr.Agbazara by calling him on his mobile +2348104102662 or write him through his email at ( agbazara@gmail.com )

    ReplyDelete
  10. GREETINGS everyone out there.. My name is Sarah Gomez FROM CANADA i will never forget the help Prophet Ayelala rendered to me in my marital life. i have been married for 5 years now and my husband and i love each other very dearly . after 3 years of our marriage my husband suddenly change he was having an affair with a lady outside,i notice it then i was praying for divine intervention the thing became more serious i told my pastor about it we prayed but nothing happen. my husband just came home one day he pick up his things and left me and the kids to his mistress outside at this time i was confuse not knowing what to do again because i have lost my husband and my marriage too. i was searching for help in the internet, i saw many people sharing testimony on how Prophet Ayelala help them out with their marital problems so i contacted the email of Prophet Ayelala i told him my problem and i was told to be calm that i have come to the right place were i can get back my husband within the next 24hours. He told me what went wrong with my husband and how it happen.that they will restored my marriage. to my greatest surprise my husband came to my office begging me on his knees that i should find a place in my heart to forgive him,that he will never cheat on me again. i quickly ask him up that i have forgiven him.friends your case is not too hard why don't you give Prophet Ayelala a try they work surprises because i know they will help you to fix your relationship with your ex partner. i thank god for using Prophet Ayelala to save my marriage. Contact him via Email: ( Ayelala7demons@gmail.com ) Or Reach him on whatsapp: +2347031894318



    ReplyDelete
  11. I got my ex to my arms completely through the help of a great spell caster in Africa. My boyfriend left me for many months and it cause so much pain to my heart but after I went through Dr.Kwale profile I found out he can help me and then i contacted him on his email kwaletemple@gmail.com and he made my boyfriend to come back to my arms within just 2 days..

    ReplyDelete