Main points of investment
Extension mergers and acquisitions expand the field of mobile marketing, financial support, customer integration to help cultivate new profit growth points. Boris is in a period of rapid growth and needs more cash flow to increase the procurement of Internet media resources and expand the size of customers and the market. Pubang Garden has strong financing channels and advantages, and the company can help Bursese expand the market rapidly by providing strong financial support. The company's supporting financing will also be used in part for the construction of Bursese mobile marketing integrated service platform. Many years of operation of Pubang Garden in the field of real estate gardens has accumulated many high-quality real estate developers and other customer resources. Boris has many excellent mobile Internet media resources. After the completion of the acquisition, the two sides will share customer resources. It is expected to bring a new customer network to Boris and further strengthen its customer expansion ability. At the same time, Pubang Garden can also provide customers with more and more comprehensive service experience.
The layout of the company's "ecological landscape + green environmental protection + intelligent people's livelihood" platform is constantly advancing, and the follow-up extension mergers and acquisitions and platform integration are worthy of attention. In recent years, under the background of the decline of traditional landscaping engineering business, the company puts forward the platform enterprise layout of "ecological landscape + green environmental protection + intelligent people's livelihood", and actively carries out business adjustment and the layout of new business areas. Previously, it has completed the merger and acquisition of Deep Blue Environmental Protection into the field of environmental protection and set up the financial field related to the layout of Universal Financial Control. This acquisition of Boris Seth will not only develop the company's Internet data service business and cultivate new business growth points, but also lay a solid modern technical support for the enrichment of the "Wisdom and people's livelihood" section in the future. in the future, the company is expected to continue to carry out enterprise platform development through epitaxial mergers and acquisitions, platform integration and other ways, the expansion of new business and follow-up actions are worthy of attention.
Profit forecast and rating. Without considering the consolidation of the company, we estimate that the EPS of the company from 2016 to 2018 will be 0.09,0.12,0.15 yuan respectively, and the corresponding PE will be 79 times, 63 times and 50 times respectively. If you consider that the company completes this transaction and amalgamates Boris (assuming no merger in 2017, 2018 and the whole year), the diluted EPS of the company from 2017 to 2018 is estimated to be 0.16,0.20 yuan, respectively.
From the point of view of the purchase price, the purchase price for Boris Seth is relatively reasonable. 1) according to the commitment of the former management shareholders, the actual annual net profit from 2016 to 2018 is 67 million yuan, 87.1 million yuan and 113.3 million yuan respectively. Based on the purchase price of 958 million yuan, the dynamic PE of the company's acquisition of Boris Seth is 14.3 times (corresponding to the 2016 net profit target). The valuation of the acquisition is similar to that of Minjia United's previous acquisition of WeChat Interactive (14.1 times, corresponding to the year of the acquisition), and lower than the valuation of the Avazu acquired by God Entertainment (15.9 times, corresponding to the year of the acquisition), and the acquisition price is relatively reasonable.
The layout of the company's "ecological landscape + green environmental protection + intelligent people's livelihood" platform is constantly advancing, and the follow-up extension mergers and acquisitions and platform integration are worthy of attention. In recent years, under the background of the decline of traditional landscaping engineering business, the company puts forward the platform enterprise layout of "ecological landscape + green environmental protection + intelligent people's livelihood", and actively carries out business adjustment and the layout of new business areas. Previously, it has completed the merger and acquisition of Deep Blue Environmental Protection into the field of environmental protection and set up the financial field related to the layout of Universal Financial Control. This acquisition of Boris Seth will not only develop the company's Internet data service business and cultivate new business growth points, but also lay a solid modern technical support for the enrichment of the "Wisdom and people's livelihood" section in the future. in the future, the company is expected to continue to carry out enterprise platform development through epitaxial mergers and acquisitions, platform integration and other ways, the expansion of new business and follow-up actions are worthy of attention.
Profit forecast and rating. Without considering the consolidation of the company, we estimate that the EPS of the company from 2016 to 2018 will be 0.09,0.12,0.15 yuan respectively, and the corresponding PE will be 79 times, 63 times and 50 times respectively. If you consider that the company completes this transaction and amalgamates Boris (assuming no merger in 2017, 2018 and the whole year), the diluted EPS of the company from 2017 to 2018 is estimated to be 0.16,0.20 yuan, respectively.
Risk hint: the impact of real estate regulation and control on real estate garden business, and the project rebate is not up to expectations.