格雷斯海姆股份公司：又一次尝试收购GXI？

Another attempt to take out GXI? First Look Warburg and KPS considering anofferworth €70s/share forGXI. GXIG.DE/GXI GROVERWEIGHTEuropean Small & Mid CapNEUTRALPrice TargetEUR 80.00Price (28-May-25)EUR 64.05Potential Upside/Downside+24.9%Source: Bloomberg, Barclays Research Barclays Bank PLC and/or itsaffiliatesis acting as Corporate Broker and Financial Adviser toAssura PLC in relation to possibleoffersfrom Kohlberg Kravis Roberts & Co. Partners L.L.P. ("KKR")and Stonepeak Partners (UK) LLP ("Stonepeak") (together, the "Consortium") and from PrimaryHealth Properties Plc. Anofferworth €70s/share?Based on Bloomberg reports (see link) yesterday, Warburg Pincusand KPS Capital Partners are in talks about teaming up on anofferfor GXI worth €70s/share.Earlier this year, Warburg was teaming up with KKR to buy out GXI but according to thereport, KKR walked away. Recall that in April 2023, GXI had raised c€270mn by issuing shares at€86.5/share, so anofferin the €70s is probably not acceptable to most long term investors at GXIin our view. European Small & Mid Cap Gaurav Jain+44 (0)20 3555 2501gaurav2.jain@barclays.comBarclays, UK Pallav Mittal+44 (0)20 7773 1376pallav.mittal@barclays.comBarclays, UK In our note (Moulded Glass: Verallia andTariffs,03 Feb 2025), we had discussed the intrinsicvalue of Gerresheimer. We think EV/PPE is a useful proxy to value the intrinsic value of Packagingcompanies. Post yesterday's move, Gerresheimer will be trading at c2.3x EV/PPE, significantlybelow its peers such as Verallia, Vidrala, Stevenato, Aptar, West and Schott Pharma. For illustrative purposes, we estimate 1/3 of Gerresheimer is moulded glass and valued at a 3xEV/PPE, like Verallia and Vidrala, and the rest is similar to Pharma Packaging companies atc5x+ EV/PPE, implying a 4.3x EV/PPE. •At 4.3x EV/PPE, an EV of c€7.8bn is implied, and a potential equity value of c€6bn, translating•into a potential share price of €180. •At 2.3x EV/PPE, EV would be c€4.2bn and equity value would be c€2.2bn and GXI would be•worth c€65/share and at 4x EV/PPE, EV would be €7.3bn, equity value would be €5.3bn and itwould potentially be worth €160/share. •At our PT of €80, it equates to an EV/PPE of 2.5x. Thus, we think that a private equity investor•could see see substantial upside in Gerresheimer. FIGURE 1. EV/PPE across peer group AptarGroup, Stevanato Group and West are not covered by Barclays ResearchSource: Bloomberg, Barclays Research Analyst(s) Certification(s):We, Gaurav Jain and Pallav Mittal, hereby certify (1) that the views expressed in this research report accurately reflect our personal views about any or all of the subject securities or issuers referred to in this research report and (2) no part of our compensation was, is or will be directly or indirectlyrelated to the specific recommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT. Availability of Disclosures: Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072. The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst. Research analysts employed outside the US byaffiliatesof Barclays Capital Inc. are not registered/qualified as research analysts with FINRA. Such non-US research analysts may not be associated persons of Barclays Capital Inc., which is a FINRA member, and therefore may not be subject to FINRA Rule2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst’s account. Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits. Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other ty