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PUBGY

Publicis

$0.00

(0.00%)

, ADS

Alliance Data

$180.89

5.04 (2.87%)

16:17
04/14/19
04/14
16:17
04/14/19
16:17

Publicis to acquire Epsilon for $4.40B in cash

Publicis (PUBGY) announced it has entered into an agreement with Alliance Data Systems (ADS) under which Publicis will acquire Alliance Data's Epsilon business for a net purchase price of $3.95B after tax step-up - total cash consideration of $4.40B - and build a strategic partnership with Alliance Data remaining business. The Directoire, or Management Board, and the Conseil de Surveillance, or Supervisory Board, of Publicis have unanimously approved this transaction. Arthur Sadoun, Chairman and CEO of Publicis, said that, "Our clients are facing increasing pressure from the rise in consumer expectations, the mainstreaming of direct-to-consumer brands and new data regulations. The only response is to deliver personalized experiences at scale. They have to transform to meet this new market imperative." Edward Heffernan, Alliance Data Systems' President and CEO, added that, "I'm pleased to say today's announcement represents a trifecta win for Alliance Data, Epsilon and Publicis Groupe. The announcement of this transaction represents theculmination of an extensive assessment of strategic options for our Epsilon business. With this transaction, we have found what we believe to be the right home for Epsilon's technology, data assets and associates. Publicis Groupe will be the ideal cultural and strategic fit for Epsilon and its Conversant business, and will help drive Publicis Groupe's own transformation in today's data-driven digital world. Furthermore, the unique relationships that have been cultivated between Epsilon and our other Alliance Data businesses will remain intact, and we look forward to working with Publicis Groupe to develop an even broader relationship promoting mutual and sustainable growth going forward." Under the terms of the agreed transaction, Publicis will acquire Epsilon for a cash consideration of $4.40B, representing a net purchase price of $3.95B after deducting the benefit of acquisition-related tax step-up. This implies an 8.2-times multiple, based on a 2018 Adjusted EBITDAof $485M. According to Publicis, the transaction will be double digit accretive to its headline EPS and free Cash Flow per share from year one. Publicis also said that it "remains committed" to its 45% dividend payout ratio and will put on hold its share repurchase program in the context of this acquisition. The transaction remains subject to customary approvals and is expected to close in Q3 2019.

PUBGY

Publicis

$0.00

(0.00%)

ADS

Alliance Data

$180.89

5.04 (2.87%)

  • 25

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  • 13

    Nov

PUBGY Publicis
$0.00

(0.00%)

01/07/19
PIVT
01/07/19
UPGRADE
PIVT
Buy
Publicis upgraded to Buy from Hold at Pivotal Research
Pivotal Research analyst Brian Wieser upgraded Publicis to Buy and raised his price target for the shares to EUR 61 from EUR 53. After years of investing in digital agencies and related capabilities, Publicis has positioned itself favorably relative to peers, Wieser tells investors in a research note. The analyst sees more than 15% upside in the stock from current levels.
02/07/19
JPMS
02/07/19
DOWNGRADE
JPMS
Neutral
Publicis downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Marcus Diebel downgraded Publicis to Neutral and lowered his price target for the shares to EUR 56 from EUR 64. The analyst says the company's "weak" Q4 results has reset expectations.
02/07/19
DBAB
02/07/19
DOWNGRADE
DBAB
Hold
Publicis downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Chris Collett downgraded Publicis to Hold following the company's Q4 results.
ADS Alliance Data
$180.89

5.04 (2.87%)

01/09/19
WELS
01/09/19
NO CHANGE
Target $200
WELS
Outperform
Alliance Data price target lowered to $200 from $275 at Wells Fargo
Wells Fargo analyst Timothy Willi lowered his price target for Alliance Data to $200 from $275 as he awaits clarity on a potential sale of Epsilon. The analyst reiterates an Outperform rating on the shares.
02/08/19
BARD
02/08/19
DOWNGRADE
BARD
Neutral
Alliance Data downgraded to Neutral from Outperform at Baird
02/08/19
BARD
02/08/19
DOWNGRADE
Target $171
BARD
Neutral
Alliance Data downgraded to Neutral at Baird
As reported previously, Baird analyst Jeffrey Meuler downgraded Alliance Data to Neutral from Outperform. The analyst also materially reduced his estimates and price target based on the new guidance. He also said the company achieved fewer positive inflections than he expected and planned files/receivables divestitures are more of a profit headwind than expected while delinquency rates continue to rise at a material rate. Meuler lowered his price target to $171 from $203 on Alliance Data shares.
04/02/19
RHCO
04/02/19
NO CHANGE
Target $210
RHCO
Buy
Alliance Data price target raised to $210 from $190 at SunTrust
SunTrust analyst Andrew Jeffrey reiterated a Buy rating on Alliance Data (ADS) and raised his price target to $210 from $190, telling investors in a research note that he believes Alliance deserves at least the 10% implied pf PE premium to Synchrony (SYF), its closest competitor, as it becomes more a pure-play, value-added, data-driven card services provider. He also likes Alliance's improving customer mix and its effort to divest non-core businesses.

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