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Pin to quick picksKitwave Share News (KITW)

Share Price Information for Kitwave (KITW)

London Stock Exchange
Share Price is delayed by 15 minutes
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Share Price: 285.00
Bid: 283.50
Ask: 285.50
Change: 1.50 (0.53%)
Spread: 2.00 (0.705%)
Open: 285.00
High: 285.00
Low: 285.00
Prev. Close: 283.50
KITW Live PriceLast checked at -

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Canaccord Genuity raises target price Kitwave following Creed Catering acquisition

Wed, 25th Sep 2024 08:01

(Sharecast News) - Analysts at Canaccord Genuity hiked their target price on foodservice wholesaler Kitwave from 455.0p to 495.0p on Wednesday following the group's £70.0m cash acquisition of Creed Catering Supplies.

Canaccord Genuity pointed out this latest acquisition was Kitwave's fifteenth acquisition since 2011 and its fifth since the firm's initial public offering back in May 2021. It also said the acquisition was "highly consistent" with Kitwave's "successful buy-and-build growth strategy" in what remains a "largely fragmented wholesale market".

"The acquisition will be earnings enhancing in the first full year of ownership and offers compelling strategic rationale with scope for additional synergies across buying, logistics and operations," said the Canadian bank, which reiterated its 'buy' rating on the stock.

"We have increased our FY25E/26E EBITDA forecasts by 25%/25%, respectively, and our FY25E/26E adj. EPS forecasts increase by 3%/6%, respectively, after accounting for higher interest charges given the acquisition and dilution from the equity raise."

Reporting by Iain Gilbert at Sharecast.com

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IN BRIEF: Kitwave director's spouse sells 175,000 shares

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