If everything follows the scenario, the European chain of restoration giants, Amrest, will begin to quote the Spanish market this Wednesday, November 21 at 11am. It will do so through a list, which essentially means the transfer of part of the shares already listed in Poland to Spain, without the need to increase the capital with new titles (OPS) or the sale of existing shares (OPV).
However, this will not be the final destination of La Tagliatella, worth around 2,000 million euros. In Warsaw, it is listed with a capitalization of about 8.5 billion zlotys, with a per-share price of about 39 zlotys per share (about 9.3 euros). Being present on the Spanish stock market will be the beginning of Amrest's journey through the great European stock exchanges in which it intends to attract new investors.
The leadership team, commissioned by Carlos Fernández, chairman of his first shareholder, the Finnancess Group, intends to make a presentation to investment banks such as London and Fracorfort in early 2019.
One of the reasons why Amrest will start trading in Spain is the intention to expand the investment base and increase its number of shareholders, currently between 200 and 300, according to financial sources. One of the landmark landings in the Spanish market – strictly speaking, is not an IPO, because it is already registered in Poland – it is precisely to have greater access to large international funds.
JB Capital Markets, the company headed by Javier Botín, President Santander's brother, has already completed a preliminary work in early October. The entity then made presentations in order to execute a capital increase of EUR 70 million to EUR 9.44 per share, representing 3.38% of the current number of securities. The company has made accelerating, with no preferential subscription rights, part-finance Sushi Shop's purchase, announced on July 25, approximately 240 million euros.
Nomura has also performed consultative tasks for the company, and financial sources explain that Amrest has a list of counselors with whom he has worked and will continue to work in the future.
Finaccess landed in the company chaired by Henry McGovern in August 2015. He then bought 32 percent of the Warburg Pincus venture capital fund. A year later, he launched a takeover bid that raised the stakes to 56.38% today. The other significant shareholders at the end of September were Henry McGovern and Steven Kent Winegar, 10.67% Gosha Holding, Nationale Nederlanden (5.21%), Luxembourg Artal 4.95% other Aviva vehicle (3.31%). The remaining 19.48% is quoted on the stock exchange. Its listing went from the 10 zlotys per share since the beginning of 2015 to the current level, although it is still far from the record of 51.5 zlotys in May.
Moreover, in the long run, another incentive for Amrest is access to the bond market in euro. Its net debt on September 30 was EUR 379 million, which implies a debt ratio of 2.33 times the gross operating profit (ebitda) of the last 12 months. Your leverage level is far from the 3.2 times commitment. The possibility of issuing in euro is a closer and simpleer reality if it is listed on the Spanish Stock Exchange.
The company, with more than 40,000 employees and about 2,000 restaurants among its own and those it manages, earned 1.104 million euros between January and September, 25.6% more than the same period last year, an operating profit (ebit) of 52 million, in line with that achieved in 2017, and a net profit of 30.2 million, 9% lower.
Analysts are confident they will mark new highs
Potential. Analysts believe that Amrest's landing on the Spanish stock market requires recognition of his actions. Most valued experts recommend buying company titles. And the consensus of analysts consulted by Bloomberg attributes a target price of 46.52 zł (10.78 euros), with a potential close to 20% compared to the current price. The company is present in Poland, the Czech Republic, Hungary, Russia, Bulgaria, Serbia, Croatia, Romania, Slovakia, Spain, France, Germany, Austria, Slovenia, Portugal and China. Amrest has already approved the transfer of its headquarters to Pozuelo de Alarcón (Madrid) from its current headquarters in Wroclaw (Poland) in October 2017.