Morgan Stanley’s equity strategists reckon RBA will hit pause in March and M&A will be back after June, and they’ve got some ideas on which ASX-listed companies would be crash hot to lob or attract bids.
Morgan Stanley’s Australian equities strategists reckon RBA will pause its rate rises in March and MA will be back after June, so they’ve lined up some ideas on which ASX-listed companies are hot to lob or attract bids.Lendlease, St Barbara and Westgold Resources topped the MA targets list, after putting them through what the strategists officially called the “MS Macro + Strategic Value Screen”.
So for example, Lendlease was trading at a 26 per cent discount to its three-year average, while EV was 50 per cent lower than the three-year high. Nearly all of its register is counted as free float, and it has spent heavily on capex. So were some surprising resources names that are spoken more of acquirers instead of targets: Northern Star and Ramelius Resources.On the other side of the equation, when looking for potential bidders the bank ordered stocks by six factors: valuation strength, balance sheet flexibility, cashflow credentials, price momentum, earnings momentum and industry activity.
It’s an interesting note to read at a time when bankers and their clients are trying to work out what 2023 will look like for deal activity, even if dealmakers know completion rates have been a nightmare for even the most obvious targets.A appetite’s travelling in their view of the world.
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