Hypermarcas Seen Growing With Mantecorp

Hypermarcas Seen Growing With Mantecorp


Analysts reacted positively to Hypermarcas’ announcement Monday that it would acquire Mantecorp in a BRL2.5bn deal, though the stock slumped on technical pressure. The deal, which values Mantecorp at BRL2bn, once BRL500m in goodwill is amortized, comes at a multiple of 16x 2010E Ebitda. The company claims this will fall to 8.2x Ebitda after the first phase of integration is completed, on the basis of markedly higher Ebitda. Brazilian pharmaceutical company Mantecorp has a 2010E Ebitda of BRL120m

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