QFR – Yunex kjøpt opp | Konsolideringen i bransjen fortsetter
Kursutviklingen i QFR det siste halvåret har vært heller kjedelig å følge med på, men i bransjen er aktiviteten fortsatt meget høy for tiden. I uken som gikk ble det kjent at Yunex, Siemens' datterselskap som nylig ble skilt ut med nytt navn, har blitt kjøpt opp etter en budprosess som har pågått de siste månedene:
"Italian infrastructure and transport company Atlantia has announced that is has acquired a 100% stake in Yunex Traffic, from its previous owners Siemens Group, for a reported €950 million (US$1.1bn).
Signature of the agreement follows a bidding process launched by Siemens in recent months, and which saw Atlantia win out over competition from a large number of international bidders. The deal is expected to be fully complete by September."
https://www.traffictechnologytoday.com/news/acquisitions-mergers/siemens-sells-yunex-traffic-to-atlantia-for-us1-1bn.html
Gitt at dette var en budprosess med flere interessenter involvert, virker det ikke usannsynlig at en eller flere av disse nå retter øynene mot Q-Free. Også Atlantia, Yunex' nye eier, seiler nå opp som en kandidat i spillet om QFR.
Merk også dette sitatet:
Peter Ummenhofer, industry expert and founder and managing director of GO Consulting, comments: “It is interesting to see for the second time in a row (after the acquisition of Transcore by Singapore Technologies) that strategic investors are willing to valuate targets at a much higher rate than private equity funds who naturally have a shorter time horizon, less potential for realizing synergies with existing activities and who may see business-to-government less attractive and possibly riskier than players who are already active in this space.
“It will be interesting to see if and how Atlantia will consolidate all its ITS companies and investments into one global ITS super-player over time.”
"Italian infrastructure and transport company Atlantia has announced that is has acquired a 100% stake in Yunex Traffic, from its previous owners Siemens Group, for a reported €950 million (US$1.1bn).
Signature of the agreement follows a bidding process launched by Siemens in recent months, and which saw Atlantia win out over competition from a large number of international bidders. The deal is expected to be fully complete by September."
https://www.traffictechnologytoday.com/news/acquisitions-mergers/siemens-sells-yunex-traffic-to-atlantia-for-us1-1bn.html
Gitt at dette var en budprosess med flere interessenter involvert, virker det ikke usannsynlig at en eller flere av disse nå retter øynene mot Q-Free. Også Atlantia, Yunex' nye eier, seiler nå opp som en kandidat i spillet om QFR.
Merk også dette sitatet:
Peter Ummenhofer, industry expert and founder and managing director of GO Consulting, comments: “It is interesting to see for the second time in a row (after the acquisition of Transcore by Singapore Technologies) that strategic investors are willing to valuate targets at a much higher rate than private equity funds who naturally have a shorter time horizon, less potential for realizing synergies with existing activities and who may see business-to-government less attractive and possibly riskier than players who are already active in this space.
“It will be interesting to see if and how Atlantia will consolidate all its ITS companies and investments into one global ITS super-player over time.”
dellamorte
22.01.2022 kl 13:21
3190
Atlantia outbids PE firms in €950M Siemens unit deal
January 19, 2022
Italian infrastructure group Atlantia has won a €950 million bid for Yunex Traffic, a Munich-based operator of traffic lights that was spun out of Siemens Mobility in 2021, the Financial Times reported. Atlantia was chosen over bidders including KKR and Bridgepoint.
https://pitchbook.com/newsletter/atlantia-outbids-pe-firms-in-950m-siemens-unit-deal
January 19, 2022
Italian infrastructure group Atlantia has won a €950 million bid for Yunex Traffic, a Munich-based operator of traffic lights that was spun out of Siemens Mobility in 2021, the Financial Times reported. Atlantia was chosen over bidders including KKR and Bridgepoint.
https://pitchbook.com/newsletter/atlantia-outbids-pe-firms-in-950m-siemens-unit-deal
dellamorte
22.01.2022 kl 13:27
3173
15. juni 2021
"The conglomerate controlled by the powerful Benetton family last week signed a deal with a consortium headed by Italian state lender CDP to sell its 88% stake in Autostrade.
The agreement will bring 8 billion euros into Atlantia’s coffers, ending a dispute prompted by the 2018 deadly collapse of a motorway bridge run by Autostrade.
[..]
Atlantia on Tuesday said it could grab opportunities to invest in motorway and airport concessions, mobility infrastructure and payment systems."
https://www.reuters.com/article/us-atlantia-strategy-idUSKCN2DR0YO
"The conglomerate controlled by the powerful Benetton family last week signed a deal with a consortium headed by Italian state lender CDP to sell its 88% stake in Autostrade.
The agreement will bring 8 billion euros into Atlantia’s coffers, ending a dispute prompted by the 2018 deadly collapse of a motorway bridge run by Autostrade.
[..]
Atlantia on Tuesday said it could grab opportunities to invest in motorway and airport concessions, mobility infrastructure and payment systems."
https://www.reuters.com/article/us-atlantia-strategy-idUSKCN2DR0YO
Dette var svært interessant dellamorte. Yunex ble utskilt i juli 2021 fra Siemens hvis jeg husker riktig. Det var en budprosess om Yunex og kun Atlantia som fikk sitt ønske oppfylt. Atlantia sier selv på sin hjemmeside at de utkonkurrerte et stort antall internasjonale budgivere. https://www.atlantia.com/en/media/press-release/-/press/view/atlantia-agrees-acquisition-of-yunex-traffic-from-siemens
Som du sier vil nå antakelig flere øyne rettes mot Q-free som opererer i samme segmentet som Yunex.
Som du sier vil nå antakelig flere øyne rettes mot Q-free som opererer i samme segmentet som Yunex.
Har du noen tanker om Q4, dellamorte? Med omsetningsveksten og EBITDA-margin som Q-free har guidet før bør Q4 bli bra.
Kjedelig at Q-free ser 6-tallet igjen. Siste konervative analyse fra Sparebank1 Markets ved Kongslie var på 10 kroner. Tror det var i mai 2021. Etter dette har Q-free levert to kvartaler med positiv EPS.
Kjedelig at Q-free ser 6-tallet igjen. Siste konervative analyse fra Sparebank1 Markets ved Kongslie var på 10 kroner. Tror det var i mai 2021. Etter dette har Q-free levert to kvartaler med positiv EPS.
dellamorte
25.01.2022 kl 14:01
2589
Jeg tror også Q4 blir bra. Det er vanligvis det sterkeste kvartalet. Kombinasjonen av relativt få børsmeldte ordre og avgangen til Volldal skaper imidlertid litt usikkerhet på helt kort sikt, og sånn sett er det ikke overraskende at aksjekursen faller når det generelle sentimentet rundt teknologiaksjer er såpass svakt som nå.
Men oppsiden er jo veldig pen nå, og den pågående konsolideringen i bransjen gjør jo QFR til et av de klareste oppkjøpscasene som finnes på børsen i dag.
Men oppsiden er jo veldig pen nå, og den pågående konsolideringen i bransjen gjør jo QFR til et av de klareste oppkjøpscasene som finnes på børsen i dag.
oljeboom55
25.01.2022 kl 14:14
2576
Men lavere kursen er kan man jo risikere at evnt oppkjøp blir på billigsalg. Ingen som i dag vil by 14.40 for QFR aksjene.
dellamorte
25.01.2022 kl 14:45
2543
Ikke helt enig i det, olje55. Hvis noen legger inn bud på selskapet, er det de fundamentale verdiene som betyr noe. Rieber selger ikke sin post på billigsalg. Det tror jeg heller ikke aktører som Sonstad, Arctic Funds eller Edvin Austbø (Alden) gjør.
Merk også dette sitatet i trådens første innlegg: "[..] strategic investors are willing to valuate targets at a much higher rate than private equity funds who naturally have a shorter time horizon, less potential for realizing synergies with existing activities and who may see business-to-government less attractive and possibly riskier than players who are already active in this space."
Overført til QFR betyr dette at potensielle oppkjøpere lett kan verdsette selskapet høyere enn det f.eks. Rieber gjør. Så jeg tror Rieber vil la seg friste til å selge om ikke altfor lenge, men i mellomtiden antar jeg de vil fortsette å jobbe med å forbedre resultatene og lønnsomheten, slik at verdiene kommer bedre frem. Da vil neste bud raskt havne på over 30 kr i stedet for 14–15.
Merk også dette sitatet i trådens første innlegg: "[..] strategic investors are willing to valuate targets at a much higher rate than private equity funds who naturally have a shorter time horizon, less potential for realizing synergies with existing activities and who may see business-to-government less attractive and possibly riskier than players who are already active in this space."
Overført til QFR betyr dette at potensielle oppkjøpere lett kan verdsette selskapet høyere enn det f.eks. Rieber gjør. Så jeg tror Rieber vil la seg friste til å selge om ikke altfor lenge, men i mellomtiden antar jeg de vil fortsette å jobbe med å forbedre resultatene og lønnsomheten, slik at verdiene kommer bedre frem. Da vil neste bud raskt havne på over 30 kr i stedet for 14–15.
Redigert 25.01.2022 kl 14:46
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25.01.2022 15:00:07
Q-Free: Tolling contracts in Spain - 50 MNOK
Q-Free ASA Q-Free has been awarded multiple contracts to deliver and install tolling roadside equipment in the regions Bizkaia and Gipuzkoa in the north of Spain. The Gipuzkoa project is the third extension of the system that was installed by Q-Free in 2018. The contracts will have a value of approximately 50 MNOK and include recurring service and maintenance revenues. Project deliveries will be completed in 2022.
For further information, please contact:
Q-Free: Tolling contracts in Spain - 50 MNOK
Q-Free ASA Q-Free has been awarded multiple contracts to deliver and install tolling roadside equipment in the regions Bizkaia and Gipuzkoa in the north of Spain. The Gipuzkoa project is the third extension of the system that was installed by Q-Free in 2018. The contracts will have a value of approximately 50 MNOK and include recurring service and maintenance revenues. Project deliveries will be completed in 2022.
For further information, please contact:
dellamorte
25.01.2022 kl 15:06
2507
Ellers er det jo hyggelig å registrere at QFR gjør det sterkt i Spania for tiden. For noen minutter siden kom melding om avtale på 50 MNOK i Nord-Spania. Det er under en måned siden forrige melding om kontrakt på 26 MNOK – også den i Nord-Spania.
rufus01
25.01.2022 kl 15:15
2474
Veldig merkelig aksje dette, den ene positive nyheten etter den andre dukker opp. Men ingenting virker positivt på aksjekursen. Forstår ikke dette, hva kan være årsaken?.
dellamorte
25.01.2022 kl 15:23
2445
Jeg øker litt her. For første gang siden februar i fjor. Med to pene ordre på under en måned begynner jeg å føle meg tryggere på ordreinngangen, som har vært mitt sterkeste usikkerhetsmoment de siste månedene.
Redigert 25.01.2022 kl 15:30
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oljeboom55
26.01.2022 kl 10:03
2248
Gøy med meldinger fra QFR. Opp med en gang og brukbart volum. 1-2 dager etter positiv melding ned igjen til hvor aksjekurs var før positiv melding. Aldri opplevd slikt før med andre selskaper.
oljeboom55
27.01.2022 kl 10:40
2068
Q4 blir sikkert tidenes resultat for QFR, men kurs faller sikkert tilbake………
dellamorte
27.01.2022 kl 22:48
1925
Tyske Handelsblatt har intervjuet toppsjefen i Atlantia, Carlo Bertazzo, i forbindelse med oppkjøpet av Yunex. En del interessante sitater i denne artikkelen. Her er et utdrag (maskinoversatt til engelsk):
Last week, Atlantia also bought an important division from the Siemens group: Yunex Traffic, the world market leader in digital traffic technology, switched to the realm of the Benettons for 950 million euros . Bertazzo wants to make further investments this year. No wonder, since the sale of the Italian motorway (ASPI), which was decided in the summer, will bring in more than eight billion euros.
Bertazzo is particularly proud of the deal with Siemens : Yunex Traffic has a “German heart, 100 years of history and technology”. Siemens was given the guarantee for the 3,000 employees, including for all locations. "But keeping jobs is not enough for me," says Bertazzo. "My wish is to create new ones."
The 56-year-old has a tight plan for the latest investment: sales of currently 630 million euros are to exceed the billion mark within five years. Bertazzo calculates that the market for intelligent transport systems (ITS) has recently grown by ten percent a year and will continue to do so in the future. One only has to look at the EU Commission, which has just asked 424 major cities to “implement green mobility plans within a few years”.
Numerous cities already require a congestion charge, such as London or Milan. "Many others will follow suit," explains Bertazzo. This requires a system of sensors, cameras, number plate recognition. On top of that, software that not only spits out data in real time, but also enables predictions. “Yunex is doing all of that.” The new technologies would inevitably have to be integrated into the physical assets: “That has already happened with residential construction, with offices. Not yet in the transport infrastructure.”
Yunex should also grow in Atlantia's core markets, where the Germans are not yet present: Italy , Spain and France. "These three countries alone make up an ITS market worth 1.5 billion euros," said Bertazzo. At the same time, the takeover is intended to raise the entire group to a new level, giving it a "technological heart".
Link til artikkelen: https://www.handelsblatt.com/unternehmen/handel-konsumgueter/atlantia-digitale-verkehrstechnik-und-mehr-geld-fuer-volocopter-benetton-holding-hat-ehrgeizige-wachstumsziele/28008926.html?ticket=ST-2753338-kiOq3PEgQpwXhNHp4lDQ-ap5
Ikke minst er dette interessant: One only has to look at the EU Commission, which has just asked 424 major cities to “implement green mobility plans within a few years”.
Last week, Atlantia also bought an important division from the Siemens group: Yunex Traffic, the world market leader in digital traffic technology, switched to the realm of the Benettons for 950 million euros . Bertazzo wants to make further investments this year. No wonder, since the sale of the Italian motorway (ASPI), which was decided in the summer, will bring in more than eight billion euros.
Bertazzo is particularly proud of the deal with Siemens : Yunex Traffic has a “German heart, 100 years of history and technology”. Siemens was given the guarantee for the 3,000 employees, including for all locations. "But keeping jobs is not enough for me," says Bertazzo. "My wish is to create new ones."
The 56-year-old has a tight plan for the latest investment: sales of currently 630 million euros are to exceed the billion mark within five years. Bertazzo calculates that the market for intelligent transport systems (ITS) has recently grown by ten percent a year and will continue to do so in the future. One only has to look at the EU Commission, which has just asked 424 major cities to “implement green mobility plans within a few years”.
Numerous cities already require a congestion charge, such as London or Milan. "Many others will follow suit," explains Bertazzo. This requires a system of sensors, cameras, number plate recognition. On top of that, software that not only spits out data in real time, but also enables predictions. “Yunex is doing all of that.” The new technologies would inevitably have to be integrated into the physical assets: “That has already happened with residential construction, with offices. Not yet in the transport infrastructure.”
Yunex should also grow in Atlantia's core markets, where the Germans are not yet present: Italy , Spain and France. "These three countries alone make up an ITS market worth 1.5 billion euros," said Bertazzo. At the same time, the takeover is intended to raise the entire group to a new level, giving it a "technological heart".
Link til artikkelen: https://www.handelsblatt.com/unternehmen/handel-konsumgueter/atlantia-digitale-verkehrstechnik-und-mehr-geld-fuer-volocopter-benetton-holding-hat-ehrgeizige-wachstumsziele/28008926.html?ticket=ST-2753338-kiOq3PEgQpwXhNHp4lDQ-ap5
Ikke minst er dette interessant: One only has to look at the EU Commission, which has just asked 424 major cities to “implement green mobility plans within a few years”.
Redigert 27.01.2022 kl 22:49
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dellamorte
27.01.2022 kl 22:55
1914
Og her er mer informasjon om EU-kommisjonens forslag som Bertazzo (CEO, Atlantia) viser til i artikkelen: https://ec.europa.eu/commission/presscorner/detail/en/ip_21_6776
Dette forslaget ble lagt frem like før jul i fjor, så relativt ferskt. Det bør jo absolutt skape betydelige muligheter for QFR fremover.
Dette forslaget ble lagt frem like før jul i fjor, så relativt ferskt. Det bør jo absolutt skape betydelige muligheter for QFR fremover.
En interessant artikkel dellamorte. Nok en bekreftelse på at ITS er en megatrend.
Fra før vet vi jo bl.a. at EU vil bruke 3000 milliarder kroner (Global Gateway pakke) for å møte Kinas massive satsining på infrastruktur. https://direkte.vg.no/nyhetsdognet/news/eu-vil-bruke-3000-milliarder-for-aa-moete-konkurranse-fra-kina.AjCG_mR4S
Sammen med den vedtatte infrastrukturpakken i USA gir dette gode markedsmuligheter for ITS markedet i mange år fremover.
Oppkjøp eller ikke - det er gode utsikter.
Fra før vet vi jo bl.a. at EU vil bruke 3000 milliarder kroner (Global Gateway pakke) for å møte Kinas massive satsining på infrastruktur. https://direkte.vg.no/nyhetsdognet/news/eu-vil-bruke-3000-milliarder-for-aa-moete-konkurranse-fra-kina.AjCG_mR4S
Sammen med den vedtatte infrastrukturpakken i USA gir dette gode markedsmuligheter for ITS markedet i mange år fremover.
Oppkjøp eller ikke - det er gode utsikter.