Wall Street Trader schreef op 1 oktober 2024 15:39:
So the markets have waited for more than 2 years to get this deal done, which Management already could have gotten done back in 2022. J&F was already willing to pay around ~ EUR 95MM but no, Management, ENA and GBL wanted more. Now 2 years later we get a lousy EUR 15MM more.
This management seems really incapable of creating shareholder value, except for themselves.
Also Ontex hopes to complete the deal in the first half of 2025 in other words; another 9 months before the transaction is actually closed. Ontex will record a net profit of EUR 39MM on the transaction, although there is an accounting loss of EUR 140MM due to the accumulated exchange rate losses on the Brazilian real.
@MilesDavis We can't expect a dividend anytime soon.
They are fully focused on the 3-year transformation plan they are executing with a lot of investments this year, but also next year. Purpose is to have value creation and to come to a much higher cash flow also in the coming years. So that's the focus now as a management in 1 or 2 years. Management then can see what this means as other opportunities and also dividends might be proposed at that moment, but it’s not the focus they have at this moment.
I still believe Ontex eventually will be acquired or merged with another group, but I don't see this happening in 2024 anymore.