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ZAGG

Zagg

$9.64

-0.12 (-1.23%)

09:17
11/30/18
11/30
09:17
11/30/18
09:17

Strax divests Gear4 brand to ZAGG for MEUR 35

STRAX has divested Gear4, mobile phone case protection brand, to ZAGG for MEUR 35 with potential additional payments of up to MEUR 9 based on 2019 sales development. The divestment is a share-based transaction, with US-based ZAGG, acquiring all outstanding shares in Gear4 Hong Kong Ltd, a wholly-owned subsidiary of STRAX. The value of the transaction is MEUR 35 and is based on the 2018 forecasted Gear4 sales generated by the STRAX group of companies. Eighty percent of the purchase price will be paid in cash and 20% will be paid in shares in ZAGG, which is listed on the Nasdaq US stock exchange. MEUR 26.5 will be paid in cash at completion with MEUR 5 of the total purchase price held back in escrow for five months and MEUR 3.5 for 18 months. The effective date of the transaction is 30 November 2018. The transaction is based on a cash and debt-free basis, and the initial cash flow impact of STRAX will equal the initial purchase price less the hold-back of MEUR 8.5. The shares received as part of the purchase price will be subject to a customary 12-month lock-up period, whereby the shares cannot be freely sold or transferred. The shares can be sold or distributed to STRAX shareholders after the lock-up period and release from hold-back. STRAX will continue to distribute Gear4 products in several markets, including the UK, where Gear4 enjoys a market-leading position in the mobile case category. While the transaction will negatively impact STRAX's consolidated annual sales by MEUR 20-25, it will reduce headcount by 17 FTEs and OPEX by 8-10%, therefore mitigating the EBITDA impact on a consolidated basis.

ZAGG Zagg
$9.64

-0.12 (-1.23%)

09/24/18
DADA
09/24/18
NO CHANGE
Target $20
DADA
Buy
Zagg to benefit from iPhone shield protector demand, says DA Davidson
DA Davidson analyst Tom Forte kept his Buy rating and $20 price target on Zagg, saying the company should benefit from "increased demand for its InvisibleShield screen protector" based on the service pricing of Apple's new iPhone lineup. The analyst believes that a decision to buy a $40 screen protector becomes easy given the high cost of the new devices as well as the estimated screen repair servicing costs of $279 for iPhone XS and $329 for iPhone XS Max.
09/13/18
DADA
09/13/18
NO CHANGE
Target $265
DADA
Buy
Apple new product lineup increases near term sales confidence, says DA Davidson
DA Davidson analyst Tom Forte kept his Buy rating and $265 price target on Apple (AAPL) after its product re-fresh yesterday, saying the event increases his confidence in the company "meeting or exceeding" consensus for sales in the near term. The analyst believes that the starting price points for the iPhone XS and iPhone XS Max should boost Apple's average selling prices and allow the company to "bear financial fruit" of the updated lineup without having to increase unit sales. As part of his broader research note, Forte also keeps his Neutral rating on Fitbit (FIT), saying the cost-conscious consumers will still purchase its Versa smartwatch rather than opt for the more expensive Apple Watch. The analyst is also positive on Zagg (ZAGG), maintaining his Buy rating and $20 price target on expectation that consumers will want to protect their expensive smartwatch products with the company's screen protectors and cases.
05/09/18
LTCO
05/09/18
NO CHANGE
Target $24
LTCO
Buy
Zagg price target raised to $24 from $21 at Ladenburg
Ladenburg Thalmann analyst Jon Hickman raised his price target for Zagg to $24 saying the company reported "impressive" Q1 results. Strength in the quarter came primarily from screen protection, wireless charging and continued international expansion, Hickman tells investors in a research note. The analyst believes Zagg is growing its leadership position in the mobile accessories market space. He reiterates a Buy rating on the shares.
03/16/18
03/16/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Atara Biotherapeutics (ATRA) initiated with a Neutral at Guggenheim. 2. Zagg (ZAGG) initiated with a Buy at DA Davidson. 3. Key Energy (KEG) initiated with a Hold at Deutsche Bank. 4. Logitech (LOGI) initiated with a Buy at DA Davidson. 5. Adaptimmune (ADAP) assumed with an Outperform at Leerink. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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LEG

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ASML

ASML

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, ERIC

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ACCO

Acco Brands

$9.42

0.035 (0.37%)

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CSGS

CSG

$57.54

0.54 (0.95%)

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ADM

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$42.84

-0.03 (-0.07%)

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AHT

Ashford Hospitality

$2.70

-0.005 (-0.19%)

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AMSF

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$65.49

-0.15 (-0.23%)

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ESVIF

Ensign Energy

$0.00

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$37.20

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SLNG

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DZSI

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EBSB

Meridian Bancorp

$20.04

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MMI

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$35.74

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