Hispabolsa

De la compra de Jazztel por Orange a la fusión: 65% Orange España y 35% Jazztel

Por la complicada situación de la francesa para comprar a la española


Bolsamania | 28/05/2014 15:55h


Comentaba ayer a Bolsamanía el presidente de Jazztel, Leopoldo Fernández Pujals, que tienen ââ,¬Å"las orejeras puestasââ,¬Â es decir, que no escuchan nada y que están centrados en su plan de negocio, pero las especulaciones sobre una operación corporativa con Orange no solo no se descartan en el mercado, sino que los expertos lo siguen dando por hecho. Si algo ha cambiado es que ahora la operación tendría matices, y no sería una absorción de Jazztel por parte de Orange, sino que podría tratarse de una fusión entre la española y Orange España.

Los expertos de Banco Sabadell no descartan 100% la compra por parte de la francesa, pero reconocen que dada su situación financiera, con una deuda de 30.720 millones de euros y un ratio sobre EBITDA de 2,37 veces, se plantean la fusión Orange España-Jazztel: ââ,¬Å"Orange preservaría su balance y Jazztel participaría de las sinergias y beneficios de la consolidación. Además de esta forma se incrementaría la posibilidad de mantener el management de Jazztel, lo que valoramos de forma positivaââ,¬Â.


Estos analistas calculan que las sinergias de la fusión serían unos 1.551 millones de euros: ââ,¬Å"Nuestro escenario central otorgaría a Jazztel un 35% de la compañía resultante, que equivaldría a una valoración de 13,8 veces Equity Value/EBITDA esperado para 2014 y 11,6 veces el estimado para 2015 y un precio objetivo de 12,1 euros por acción, mientras que Orange controlaría el 65% que supone una valoración de 7,0 veces EBITDA o 6,1 veces ex sinergiasââ,¬Â.

http://www.bolsamania.com/noticias-actualidad/noticias/De-la-compra-de-Jazztel-por-Orange-a-una-fusion-65-Orange-Espana-y-35-Jazztel--0420140528155604.html

S2

Los bancos encargados de hacer una valoración de mercado para Orange parece que ya empiezan a filtrar algunas de las cifras que se barajan para una posible operación en un escenario hipotético de fusión.

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