Methanex Analyst Says $2B Acquisition Will Be An Overhang On Shares
Methanex Analyst Says $2B Acquisition Will Be An Overhang On Shares
Shares of Methanex Corp (NASDAQ:MEOH) have been on a downtrend since the company announced it had inked a definitive agreement to buy OCI Global's international methanol business.
自Methanex Corp（納斯達克股票代碼：MEOH）宣佈簽署收購OCI Global國際甲醇業務的最終協議以來，該公司的股價一直處於下跌趨勢。
Concerns around the transaction risks associated with the acquisition are unlikely to be "easily assuaged" in the near term, according to Barclays analyst Mike Leithead.
巴克萊分析師邁克·萊特黑德表示，對與收購相關的交易風險的擔憂在短期內不太可能 「輕易緩解」。
Leithead downgraded the rating for Methanex to Equal-Weight, while cutting the price target from $56 to $44.
Leithead將甲烷的評級下調至同等權重，同時將目標股價從56美元下調至44美元。
The Methanex Thesis: The company has agreed to acquire OCI's methanol business for $2.05 billion, Leithead said in the downgrade note.
甲烷克斯論點：萊特黑德在降級報告中表示，該公司已同意以20.5億美元的價格收購OCI的甲醇業務。
Check out other analyst stock ratings.
查看其他分析師股票評級。
While there are "long-term strategic merits" from this deal, "investor concerns around the transaction risks are neither likely to be easily assuaged in the near term nor sufficiently discounted / de-risked in current equity valuation," the analyst wrote. The acquisition spells added leverage, which brings increased volatility, he added.
該分析師寫道，儘管這筆交易具有 「長期戰略優勢」，但 「投資者對交易風險的擔憂在短期內不太可能輕易得到緩解，也不可能在當前股票估值中得到足夠的折扣/去風險。」他補充說，此次收購意味着槓桿率增加，波動性增加。
For many investors, the bull case for Methanex was based on "a step-change in earnings power / cash conversion as G3 ramps up in 2H'24 and the resumption of returning healthy amounts of cash to investors starting in 2025," Leithead wrote.
萊特黑德寫道，對於許多投資者來說，Methanex的牛市是基於 「隨着G3在24年下半年逐步增長以及從2025年開始恢復向投資者返還可觀數量的現金，盈利能力/現金轉換率發生了重大變化」。
"That no longer will be the case and this thesis pivot likely leads to some ownership rotation, which also presents an overhang on shares," he further stated.
他進一步表示：「情況將不再如此，這一論點的轉折可能會導致一些所有權輪換，這也給股票帶來了懸而未決的問題。」
MEOH Price Action: Shares of Methanex had declined by 5% to $37.14 at the time of publication on Tuesday.
MEOH價格走勢：在週二發佈時，甲烷克斯的股價下跌了5％，至37.14美元。
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譯文內容由第三人軟體翻譯。