dia 11 tinha ficado dececionado com a segunda oferta da angeles mas os meus amigos suiços disseram e cumpriu-se....
"10 September 2014
Europe/Portugal
Equity Research
Healthcare Facilities
Espirito Santo Saude (ESSS.LS)
SMALL & MID CAP RESEARCH
ESS: Angeles bid doesn't reflect control
■ New TP €4.50/share reflects ESS board opinion on the Angeles bid. We
raise the probability of a successful bid (from Angeles or someone
else) from 60% to 85%. Our new TP of €4.50/share (from €4.35) reflects an
85% probability of a take-out at €4.6/share (10x 2014E EBITDA in line with
similar transactions in the past 3 years). Our stand-alone valuation of
€4.0/share (DCF and EV/EBITDA blend) remains unchanged.
■ ESS published a report on the Portuguese stock exchange website CMVM,
on the Angeles offer (€4.30 share). ESS board concluded that this offer is
"acceptable" but does not fully reflect a premium required for control. We
agree with ESS, however our estimated take-out price of €4.6/share (10 x
CS 2014E EBITDA) is slightly below ESS take out price of €4.94/share
(based on their own analysis of past transactions).
■ Next steps: we understand that it would take Angeles from a few days and
up to 2-3 weeks to publish a formal offer, depending on the CMVM
requirements.
■ Investment case: we believe the stock price will be driven by the bid
process in the short term. Our stand-alone valuation of €4.0/share
represents a good benchmark for the potential downside if the bid fails."
dito isto ja largei acho que a ess seguira no maximo ai por uns 5 euros..e mais vale 1 passaro na mão--