14 Apr 2016 05:53
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Entertainment One Share News (ETO)
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Don't have an account? Click here to register.Canaccord downgrades Entertainment One after it rejects ITV bid
Thu, 11th Aug 2016 12:15
(ShareCast News) - Canaccord Genuity lifted its price target on Entertainment One to 236p from 225p and cut the recommendation to 'hold' from 'buy' after it rejected a preliminary approach from ITV valuing the stock at 236p per share.The brokerage said the likelihood of another offer, that would be acceptable to ETO shareholders, is currently unclear but the potential strategic rationale makes it a possibility. In addition, the bid provides a useful benchmark for valuation purposes."Further upward moves are likely to be dependent on ITV tabling a higher bid," Canaccord said.It noted the share price is now trading broadly in line with its revised target price after the surge of around 10% Tuesday and further gains of 10% on Wednesday.Canaccord had argued in the past that there could be a strategic rationale for ITV wanting to buy the business, given its focus on content in recent years and the increased scale/international diversification a deal would bring."However, ETO's goals have been clearly communicated - its management team aims to double the size of the business, and as yesterday's RNS illustrates, the board clearly sees greater value in the assets than the 236p approach, which would put the stock on a 9.3x calendar 2016E EV/EBITDA based on our estimates."The Toronto-based film and TV distributor said on Wednesday that its board had unanimously rejected ITV's offer as it "fundamentally undervalues the company and its prospects".At 1220 BST, Entertainment One shares were up 0.1% to 240.33p.
More News
14 Apr 2016 00:28
UPDATE 1-ITV to pursue takeover of Canada's Entertainment One -Bloomberg
(Adds Entertainment One declining comment, paragraph 5) April 13 (Reuters) - British commercial TV broadcaster ITV Plc is said to be pursuing a takeover of Canada's Entertainment One Ltd, Bloomberg reported on Wednesday, citing people familiar with the matter. ITV, Britain's biggest c
Read more13 Apr 2016 23:46
ITV to pursue takeover of Canada's Entertainment One - Bloomberg
April 13 (Reuters) - British commercial TV broadcaster ITV PLC is said to be pursuing a takeover of Canada's Entertainment One Ltd, Bloomberg reported on Wednesday, citing people familiar with the matter. ITV, Britain's biggest commercial free-to-air broadcaster, has been in talks with Ente
Read more8 Apr 2016 14:52
FTSE 250 movers: David Brent blows steam into Entertainment One
(ShareCast News) - The FTSE 250 was comfortably in the black in afternoon trading on Friday, with oil prices heading upwards and investors seemingly nonchalant about a trade deficit that was wider than forecast. As oil prices rose, so did oilfield engineering services firm Weir Group. The stock also
Read more29 Mar 2016 16:51
Tuesday broker round-up
(ShareCast News) - Synthomer: Berenberg downgrades to hold with a target price of 345p. Next: Goldman Sachs downgrades to neutral, 6400p target, Canaccord downgrades to hold with a target price of 6025p, Deutsche Bank reiterates buy with a target of 6850p and Credit Suisse stays at underperform, 560
Read more24 Mar 2016 08:30
Entertainment One buys control of Los Angeles reality TV maker
(ShareCast News) - Entertainment One has spent $23m on acquiring a majority stake in Los Angeles reality television production company Renegade Entertainment, maker of such gems as 'Naked & Afraid' and 'Fit to Fat'. The FTSE 250 group said it expected the transaction will be earnings enhancing in it
Read more2 Mar 2016 07:28
Entertainment One confident of overcoming film weakness
(ShareCast News) - Entertainment One said although group sales and earnings were dragged down by weakness from the film division, earnings expectations for the full year remained unchanged. In a trading update covering the nine months to 31 December, the film and TV distributor said group revenues s
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