MILAN, June 23 (Class Editori) -- Autogrill's stock grew by 3.21% to 6.812 euros on the Stock Exchange on the last day of trading of rights linked to the 600-million-euro worth increase in capital due to hedging, while the offer period for new stocks will end on June 29: 130.63 million at 4.59 euros, namely a total amount of 599.6 million euros. This morning, the stock reached the amount of 6.906 euros, the same results of late February 2020.
"The stock had weakened in the days before the launch of the offer but has since recovered and yesterday returned to the highs of the year," Bestinver Securities explained in a note published today. "Including the capital increase, now Autogrill has a market capitalization of 2.54 billion euros, and we believe the stock is correctly valued given that, based on targets to 2024, it has a free cash flow yield of 5.7%".
Bestinver Securities has a hold rating and a target price between 5.5 and 6 euros on the stock. With today’s jump, Autogrill's capitalization exceeds 2.6 billion euros, incorporating the shares from the capital increase. A recovery in price is normally recorded on the last day of trading of the rights due to the effect of the stock re-hedging. (All rights reserved)
(Source:Class Editori)
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