Mencast Holdings - Synergistic Bargain Acquisition | I3investor

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Mencast Holdings - Synergistic Bargain Acquisition

StockFanatic

Publish date: Thu, 06 Feb 2014, 11:05 AM

MCAST has acquired S&W and S&W Process Equipment - companies that manufacture and repair heat exchangers. We see clear synergies with its offshore engineering and energy divisions. The purchase is a bargain at 2.6x P/E, based on the average profit warranty.

Thus, we raise FY14/15F estimates by 3%/7%, nudging our TP up to SGD0.75 (from SGD0.74) based on 11x FY14F P/E. Maintain BUY.

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