Citi sees more than 20% upside for Ascential, stays at 'buy'
Ascential
314.80p
16:40 26/04/24
1.22%
3.80p
Analysts at Citi told clients they saw more than 20% upside in shares of Ascential, when not more.
FTSE 250
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16:59 26/04/24
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FTSE 350
4,470.09
16:59 26/04/24
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4,423.59
17:14 26/04/24
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Media
11,859.60
16:59 26/04/24
1.21%
142.01
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.