Ultra Electronics Holdings (ULE)

Sector:

Defense and Aeronautics

Index:

FTSE 250

 3,200.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 3,370.00p
  • 52 Week Low: 1,856.00p
  • Currency: UK Pounds
  • Shares Issued: 71.35m
  • Volume: 157,914
  • Market Cap: £2,283.08m
  • RiskGrade: 109

Berenberg expects Ultra Electronics takeover to proceed, hikes target price

By Alexander Bueso

Date: Monday 26 Jul 2021

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg hiked their target price for shares of Ultra Electronics sharply, from 2,730.0p to 3,500.0p and labelled the takeover proposal tabled by Cobham "attractive".
Indeed, their expectation was that a formal offer would be forthcoming and with 7% upside left to the proposed valuation they kept their recommendation at 'buy'.

Their previous price target was now the basis for their worst case scenario, assuming that the deal fell through.

Worth noting, the analysts believed the odds of a counterbid were low, pointing that the mooted transaction price represented a 63% premium to where the stock was at before Cobham's first offer on 25 June and 72% more than the UK defence sector which was trading on average EV/EBITDA multiple of 13.5 times.

They also believed the chances that the government might block the deal on national security grounds was low.

"Ultra is in the middle of a multiyear business improvement strategy under a strong management team led by CEO Simon Pryce," they added.

"Much of the heavy lifting has been completed, and we expect material results from the strategy from 2022. We therefore view the proposal as well timed as Ultra transitions from turnaround to higher quality, sustainable growth."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

ULE Market Data

Currency UK Pounds
Share Price 3,200.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 3,370.00p
52 Week Low 1,856.00p
Volume 157,914
Shares Issued 71.35m
Market Cap £2,283.08m
RiskGrade 109

ULE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
94.19% below the market average94.19% below the market average94.19% below the market average94.19% below the market average94.19% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
78.65% above the market average78.65% above the market average78.65% above the market average78.65% above the market average78.65% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income
27.55% below the market average27.55% below the market average27.55% below the market average27.55% below the market average27.55% below the market average
20.00% above the sector average20.00% above the sector average20.00% above the sector average20.00% above the sector average20.00% above the sector average
Growth
71.95% above the market average71.95% above the market average71.95% above the market average71.95% above the market average71.95% above the market average
71.43% above the sector average71.43% above the sector average71.43% above the sector average71.43% above the sector average71.43% above the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 2
Sell 0
Strong Sell 0
Total 4
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

ULE Dividends

  Latest Previous
  Interim Final
Ex-Div 26-Aug-21 08-Apr-21
Paid 17-Sep-21 14-May-21
Amount 16.20p 41.50p

Trades for 20-Sep-2021

Time Volume / Share Price
16:35 22,996 @ 3,200.00p
16:29 3 @ 3,204.00p
16:29 29 @ 3,204.00p
16:29 57 @ 3,204.00p
16:29 3 @ 3,204.00p

ULE Key Personnel

CEO Simon Pryce
Chair Tony Rice
CFO Jos Sclater

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