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Etteplan - Announces cash offer for Semcon

Etteplan announced a recommended cash offer of SEK 149 per Semcon’s share, for a total value of approx. SEK 2,699m. Semcon would in our view be a suitable fit for Etteplan, strengthening the service offering and international presence along with offered synergy effects.
  • Etteplan announced a recommended cash offer of SEK 149 in cash per Semcon’s share. The total value of the offer is approximately SEK 2,699m. The offer price will not be increased.
  • The offer price represents a premium of of 31.6 percent compared to the closing price of Semcon shares on Nasdaq Stockholm on 22 August 2022 and 32.0/27.6 percent compared to the volume-weighted average trading price during the last 30/180 trading days prior to the announcement of the offer.
  • The Board of Directors of Semcon unanimously recommends that the shareholders of Semcon accept the offer.
  • The Offer is conditional among other things upon the offer being accepted to such extent that Etteplan becomes the owner of shares in Semcon representing more than 90 percent of the total number of shares in Semcon (on a fully diluted basis).
  • Semcon is an international technology company with more than 2,000 employees in seven different countries. Semcon’s revenue in 2021 amounted to SEK 1,711.3m and operating profit to SEK 175.1m. 
  • On 2022 estimates (one analyst) the offer would value Semcon at ~16x P/E and EV/EBIT of ~12x, roughly in line with Etteplan’s current valuation.
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