Share

LN: SHRE

£37m market cap

25.75p last close

Share’s main subsidiary is The Share Centre, which is a self-select retail stockbroker that also offers share services for corporates and employees.

Investment summary

Interactive investor (ii) and Share have agreed terms of a recommended offer for Share, subject to relevant approvals. Share plc holders would receive 4.1p in cash plus new ii shares for which the two boards have agreed a valuation of 36.9p per Share plc share giving a total value of 41p per share (£61.9m for whole of issued share cap and a 41% premium to closing price on the previous business day). At the agreed valuation for new ii shares the existing ii shares would be valued at £675m. The announcement noted that ii shares will be unlisted and there is no expectation that they would be listed for at least 12 months. The transaction is expected to complete during Q320.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2018A 21.0 0.5 0.7 0.45 57.2 86.7
2019A 22.6 0.6 0.7 0.35 73.6 N/A
2020E N/A N/A N/A N/A N/A N/A
2021E N/A N/A N/A N/A N/A N/A
Industry outlook

For the purposes of the Takeover Code, Edison is deemed to be connected with Share plc as a provider of paid-for research. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the offer period ends.

Last updated on 01/07/2020
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Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (20.8) (11.2) (20.8)
Relative* (21.9) (19.1) (5.8)
52-week high/low 34.2p/24.0p
*% relative to local index
Key management
Gavin Oldham Chairman
Richard Stone CEO
Mike Birkett FD

Content on Share