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WBA

Walgreens Boots Alliance

$62.35

0.09 (0.14%)

10:46
11/12/19
11/12
10:46
11/12/19
10:46

Walgreens Boots could be valued at $75/share in potential LBO, says JPMorgan

JPMorgan analyst Lisa Gill noted yesterday's Bloomberg report that KKR (KKR) has made a formal approach to take Walgreens Boots Alliance (WBA) private, pointing out that neither the existence of a bid nor a potential price have been confirmed by either the company or the PE firm. She believes a potential deal could be valued at up to $75 per Walgreens share, assuming a maximum lease-adjusted leverage ratio immediately post the deal close of 6.5 times. She also assumes private equity owners would require a minimum IRR of 15% over a five-year period and an exit multiple of 10.0 times forward EBITDA after five years, all of which could imply a maximum transaction value of about $85B. Although, if the IRR requirement were higher, then the equity value would need to be lower, added Gill. She has a Neutral rating on Walgreens Boots shares.

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WBA Walgreens Boots Alliance
$62.35

0.09 (0.14%)

11/06/19
MZHO
11/06/19
NO CHANGE
Target $59
MZHO
Neutral
Mizuho anlaysis yields $60-$67 per share takeout price for Walgreens
Mizuho analyst Ann Hynes says her initial analysis indicates a potential leveraged buyout takeout price for Walgreens Boots Alliance of $60 to $67 per share. According to press reports yesterday, the company is exploring a potential private equity transaction. The analyst says her analysis takes into account several items including current leverage, composition of existing debt, and the amount of equity likely needed from the sponsor to fund a transaction. Hynes also raised her price target for Walgreens to $59 from $56 post last week's earnings. She keeps a Neutral rating on the shares.
11/06/19
SBSH
11/06/19
NO CHANGE
SBSH
Neutral
Walgreens leveraged buyout 'somewhat difficult to envision,' says Citi
The size of a potential deal, structural pressures the business faces, and "years worth of cost reduction and financial engineering" make a leverage buyout of Walgreens Boots Alliance (WBA) "somewhat difficult to envision," Citi analyst Ralph Giacobbe tells investors in a research note. That said, the analyst "wouldn't be totally dismissive" of a potential deal following yesterday's press reports. Based on his analysis, a takeout at ~$75 per share could deliver a low-to-mid teens internal rate of return. However, this would "require a hefty equity check" and underlying assumption of low-single digit EBITDA growth, "which has been hard to come by," says Giacobbe. As such, the analyst sees a lower probability of a leveraged buyout of Walgreens. Some sort of a breakup is "potentially more feasible in a strategic alternative scenario," contends the analyst, who keeps a Neutral rating on Walgreens Boots Alliance.
11/06/19
JEFF
11/06/19
NO CHANGE
Target $55
JEFF
Hold
Jefferies sees 'slim' chance of Walgreens completing leveraged buyout
Jefferies analyst Brian Tanquilut is skeptical about the prospects of Walgreens Boots Alliance completing the largest leveraged buyout in history given the size of the equity check needed to get a deal done and, "more importantly," his concerns about long-term company and retail pharmacy fundamentals. While his analysis suggests Walgreens' "relatively unlevered" balance sheet, "healthy" free cash flow outlook, and large ownership by its CEO make a deal "mathematically feasible," the analyst believes the prospects of such a transaction getting done are "slim." He keeps a Hold rating on Walgreens Boots Alliance with a $55 price target.
11/06/19
COWN
11/06/19
NO CHANGE
Target $60
COWN
Market Perform
Cowen skeptical going private deal gets done for Walgreens Boots Alliance
Cowen analyst Charles Ryhee said the idea of Walgreens Boots Alliance going private makes financial sense but he is skeptical the deal could get done as it would represent the largest LBO ever and would likely require multiple financial sponsors as well as its complexity. Ryhee maintained his Outperform rating and $60 price target on Walgreens Boots Alliance shares.

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