Murdoch was confident the takeover would proceed following the due diligence period, thanks to the substantial premium and the growth profile of the business.“We view the solid premium offered and Aware co-investing in the new proposal as showing solid intent by the consortium in
completing this deal,” he said.“We view Smartgroup’s financials and balance sheet as clean and the group has high cash conversion. We view FY21 as a solid base earnings from which Smartgroup can rejuvenate its growth profile and note large long-term contract renewals have been executed in calendar year 2021.”
SIQ Price at posting:
$9.34 Sentiment: Buy Disclosure: Held
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