A leading analyst yesterday said he would be surprised if One51 were to be bought out around its current share price of €1.85 and believes that the plastics, waste management, and NTR stake-owning group led by chief executive Alan Walsh remains intent on bringing the firm to market in an initial public offering sometime in the future.
Darren McKinley, analyst at Merrion Stockbrokers, reiterated his forecast that One51 shares could reach a price target of €2.18 by July 2016.
He said an approach made in recent months by investment firm CapVest valuing One51 at €1.80 a share or around €282.5m was likely to be “opportunistic” at that price.
One51’s expansion of its plastics division gave it exposure to the huge market in north America.
Mr McKinley said One51 is well positioned to use the cash coming its way from the disbursement of its stake in NTR to “bed down” its acquisition of a majority stake in plastics firm IPL in Canada.
NTR yesterday confirmed its plan to hive off its European wind business and pay out €2.25 a share to stake holders, equivalent to around €219.1m in aggregate, if all shareholders were to participate in the disbursement.
NTR said that NTR will be renamed Altas, but that the new holding company for the European wind business will be renamed NTR.
Altas will consist of waste water treatment, toll road concessions and energy storage. Approval of shareholders and the High Court will be required.
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