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TOWR

Tower International

$29.99

0.51 (1.73%)

08:03
11/20/18
11/20
08:03
11/20/18
08:03

Tower International signs MOU to sell European operations

Tower International announced it has signed a Memorandum of Understanding relating to the sale of all of its European Operations to Financiere SNOP Dunois S.A."FSD", a privately owned French automotive supplier. Tower's European Operations include manufacturing facilities in Belgium, Czech Republic, Germany, Italy, Poland and Slovakia and offices in Germany and Italy. Financial results for full year 2018 are projected at revenue of $650M and Adjusted EBITDA of $55M. Before fees and other customary adjustments, the anticipated sale price represent an Enterprise Value of EURO255M ($298M at $1.17/Euro) representing an enterprise multiple of 5.4 times Adjusted EBITDA. This transaction multiple is significantly higher than the present multiple for Tower's common stock, which Tower estimates was approximately 4.5 times based on yesterday's closing price. The memorandum of understanding signed by the parties together with an unsigned stock purchase agreement, would be the basis on which the parties pursue the signing of a definitive agreement in the next few weeks, once works council consultation has taken place. Completion of the divestiture is expected to take place during the first quarter of 2019 and is subject to approval of the applicable antitrust authorities and other customary conditions. Tower expects to recognize a book loss of approximately $60M related to the sale of the European operations. This one-time charge will include the reclassification of currency translation into earnings, other fair value adjustments and selling costs.

TOWR Tower International
$29.99

0.51 (1.73%)

02/14/18
RILY
02/14/18
NO CHANGE
Target $40
RILY
Buy
Tower selloff brings attractive entry point, says B. Riley FBR
B. Riley FBR analyst Christopher Van Horn believes the post-quarter selloff in shares of Tower International brings an attractive entry point. The analyst keeps a Buy rating on the shares with a $40 price target.
05/24/18
ROTH
05/24/18
INITIATION
Target $41
ROTH
Buy
Tower International initiated with a Buy at Roth Capital
Roth Capital analyst Matt Koranda started Tower International with a Buy rating and $41 price target saying it boasts a "solid" 2018/2019 growth outlook and has underappreciated exposure to the long-term secular tailwinds of OEM outsourcing and vehicle light-weighting.
08/28/18
WELS
08/28/18
NO CHANGE
WELS
Tentative U.S./Mexico trade deal a starting point for auto stock recovery, says Wells Fargo
Wells Fargo analyst Richard Kwas believes the U.S./Mexico tentative trade deal is a positive for the automotive space in the interim. In his view, part of the recent underperformance has come from trade uncertainty. NA centric supplier names like Magna (MGA) and Tower International (TOWR) could be the biggest beneficiaries. MGA does have material revenue exposure to Canada and therefore the absence of Canada in a final agreement would create some level of complication for the company relative to the rest of supplier group, he notes. Kwas believes the decision to limit non Mexico/U.S. content to 25% of vehicle value coupled with the 40%-45% minimum threshold for $16/hour manufacturing jobs should stabilize or increase U.S. share of vehicle production.
10/30/18
ROTH
10/30/18
NO CHANGE
Target $36
ROTH
Buy
Tower International price target lowered to $36 from $43 at Roth Capital
Roth Capital analyst Matt Koranda lowered his price target for Tower International to $36 from $43 to reflect incremental pro-forma lease-related debt. The analyst notes that the company delivered solid Q3 results and reiterated the fundamental drivers of its 2018 outlook. He reiterates a Buy rating on the shares.

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