Citi sees more than 20% upside for Ascential, stays at 'buy'
Ascential
567.00p
17:15 08/10/24
0.00%
0.00p
Analysts at Citi told clients they saw more than 20% upside in shares of Ascential, when not more.
FTSE 250
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17:14 20/12/24
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17:14 20/12/24
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17:04 20/12/24
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Media
12,852.12
17:14 20/12/24
-0.51%
-65.56
That was true even when factoring in "conservative" valuations for the company's stake in Hudson MX and for its core Events business, they said in a research note sent to clients.
Indeed, their 225p target price together with the expected special dividend yielded a 'fair value' for the shares of 380p in "today's money".
Furthermore, a blue sky scenario in which the events business was valued at 12 times EV/EBITDA and Hudson MX sold for over £100m would result in a fair value of 450p per share.
Citi analysts said they remained buyers of the shares.