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HQY

HealthEquity

$62.16

-2.5 (-3.87%)

, WAGE

WageWorks

$51.65

0.91 (1.79%)

07:05
06/27/19
06/27
07:05
06/27/19
07:05

HealthEquity sees $50M in annualized synergies from WageWorks acquisition

HealthEquity has identified significant synergy opportunities and anticipates approximately $50M in annualized, on-going synergies that will be realized within 24 to 36 months of closing, primarily through custodial and interchange revenue and operating efficiencies. HealthEquity also anticipates generating significant incremental revenue synergies over time as the combined client base takes advantage of the complete offering. HealthEquity has received from Wells Fargo Bank a debt commitment to finance the acquisition. HealthEquity expects to deleverage rapidly through strong, predictable future cash flow and growth. The transaction has been approved by the boards of directors of both HealthEquity and WageWorks and is subject to WageWorks' stockholder approval, regulatory approvals and other customary closing conditions, but is not subject to the availability of financing. It is expected to close before year-end. HealthEquity expects to provide guidance on the future financial impact of the transaction on or before the closing of the transaction. Following the close of the transaction, Jon Kessler will serve as President and CEO of the combined company.

HQY

HealthEquity

$62.16

-2.5 (-3.87%)

WAGE

WageWorks

$51.65

0.91 (1.79%)

  • 27

    Jun

HQY HealthEquity
$62.16

-2.5 (-3.87%)

06/05/19
JMPS
06/05/19
NO CHANGE
JMPS
Outperform
JMP says HealthEquity offer for WageWorks likely won't be last bid if rejected
JMP Securities analyst David Scharf said his "reading between the lines" of comments made by HealthEquity (HQY) management on the company's Q1 earnings call leads him to believe the company needs to offer a full range of products in order to maintain long-term competitiveness and scale. He interpreted CEO Jon Kessler's statement that "whether it's through the proposed transaction or other means, we intend to increase our sort of shelf space...and that's what we're going to do one way or the other" as saying that its only strategic choice is to either acquire WageWorks (WAGE) or build out the same capabilities. Given this view of the comments, Scharf believes if WageWorks' board rejects the current offer it "will not be the last" bid made by HealthEquity, the analyst tells investors in a research note.
06/05/19
BRRR
06/05/19
NO CHANGE
BRRR
Barrington reiterates Outperform on HealthEquity after Q1 beat
Barrington analyst Alexander Paris, Jr. reiterated an Outperform rating and $100 price target on HealthEquity after the company reported Q1 earnings results that beat consensus expectations, along with faised FY20 guidance. The analyst believes a "premium is warranted" for HealthEquity given its "current and prospective growth profile, its leading position within the market, the recurring nature and visibility of its revenue, the leverage inherent in the model and its high free cash flow conversion."
06/05/19
JPMS
06/05/19
NO CHANGE
Target $80
JPMS
Overweight
HealthEquity price target lowered to $80 from $91 at JPMorgan
JPMorgan analyst Anne Samuel lowered her price target for HealthEquity to $80 from $91 but maintains an Overweight rating on the name following the company's Q1 results. HealthEquity "continues to deliver," driving sales growth in excess of the market, Samuel tells investors in a research note. While the 2020 model is "somewhat constrained" by investments in future growth, the company is taking the right steps for long term share capture, says the analyst, who sees its 2021 EBITDA growth returning to ~30%.
05/10/19
SBSH
05/10/19
NO CHANGE
SBSH
Citi opens 'Positive Catalyst Watch' on HealthEquity ahead of WageWorks news
Citi analyst Stephanie Demko opened a "Positive Catalyst Watch" on shares of HealthEquity (HQY) saying she sees upside on any news from its WageWorks (WAGE) bid. A confirmed deal would allow HealthEquity to the outline synergy potential and full rationale of the acquisition, while no deal would see a recovery in HealthEquity shares, Demko tells investors in a research note. She likes the deal, noting it would expands HealthEquity's ability to sell to the small/medium employer channel and has the potential to unlock "significant" synergies. Demko keeps a Buy rating on HealthEquity.
WAGE WageWorks
$51.65

0.91 (1.79%)

05/07/19
WELS
05/07/19
DOWNGRADE
Target $50
WELS
Market Perform
Wells Fargo downgrades WageWorks amid review of HealthEquity bid
Wells Fargo analyst Jamie Stockton downgraded WageWorks (WAGE) to Market Perform from Outperform while raising his price target for the shares to $50 from $45. The stock is now 1% below the $50.50 all-cash offer that HealthEquity (HQY) announced on April 30 and WageWorks indicated it was evaluating, Stockton tells investors in a research note. The analyst believes HealthEquity could be willing to go higher but also finds it possible that the company believes WageWorks' growth prospects are not compelling enough to pay a higher amount. Further, WageWorks could decide to continue to pursue a turnaround, says Stockton, who sees the shares trading down to $43 if the company walks away from the deal. The analyst prefers to move to the sidelines at this point.
05/07/19
WELS
05/07/19
DOWNGRADE
WELS
Market Perform
WageWorks downgraded to Market Perform from Outperform at Wells Fargo

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