1. Even large companies in mature markets have PE of 15 or higher e.g. PE of 19 in the case of Linde before it's merger announcement (perhaps, usually this PE is supported by high dividend yield in mature markets).
2. Lesson for emerging and frontier markets - one take PE of 15 a low valuation.
3. Usually, pre-M&A, big firms have lower PE compared to industry index.
4. Post big M&As also, the PE remains lower relative to the industry PE.
5. However, during M&A the target company's PE could be higher.
https://www.bloomberg.com/gadfly/articles/2017-01-12/praxair-shareholders-asked-to-take-leap-of-faith-in-linde-merger
2. Lesson for emerging and frontier markets - one take PE of 15 a low valuation.
3. Usually, pre-M&A, big firms have lower PE compared to industry index.
4. Post big M&As also, the PE remains lower relative to the industry PE.
5. However, during M&A the target company's PE could be higher.
https://www.bloomberg.com/gadfly/articles/2017-01-12/praxair-shareholders-asked-to-take-leap-of-faith-in-linde-merger
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