Deutsche Bank15 Sep 2015 23:07
From Advfn poster EH
Online money transfer co Optimal Payments up 4 pct after Deutsche Bank initiates coverage with a "Buy" rating (TP 380p)
* Nearly 5 pct the stock's 30 day average volume traded in the first 20 mins
* Deutsche analysts say co is attractively positioned in the rapidly expanding online payments space
* With the Skrill deal, co consolidates the two leaders in the gaming/gambling e-wallet space, giving plenty of scope for cost savings as well as cross selling, Deutsche analysts say
* Co bought the maker of the Skrill e-wallet, the biggest competitor to its NETELLER business, for an enterprise value of about 1.1 bln euros in March [ID:nL3N0WP3VI]
* The investment bank values co on a ~12.5x FY16e growth adjusted EV/EBITDA peer multiple, to reflect stronger underlying EBITDA expansion than peers
(Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net)