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COURBET

CR
Bloomberg   MLCOU FP
Hotels & Motels  /  France  Web Site   |   Investors Relation
A new hotel offering responding to tomorrow's demand
Target
Upside 256%
Price (€) 1.2
Market Cap (€M) 13.8
Perf. 1W: -6.98%
Perf. 1M: -18.9%
Perf. 3M: -57.1%
Perf Ytd: -66.7%
10 day relative perf. to stoxx600: -14.7%
20 day relative perf. to stoxx600: -11.4%
M&A /Corp. Action18/11/2024 10:40

Merger Project with MHM

MyHotelMatch, a company in the Ott galaxy, announces a project to merge with Courbet Heritage.


Fact

  • MHM may purchase Courbet Heritage.
  • Regulatory approval is necessary.

Analysis

Governance

The Ott family almost entirely owns Courbet Heritage, with the Ott family owning less than 30% of MHM. Given Courbet Heritage’s valuation advantage, if the transaction were fully compensated with new MHM shares, the Ott family’s stake in NewMHM would exceed 30%, requiring a waiver from the French AMF. Regardless, we anticipate the Ott family will retain significant influence over NewMHM, which will become their main listed SPV. This transaction will effectively shift Courbet Heritage shares from the OTC market to the regulated Euronext market, where MHM is currently listed, improving transparency for Courbet Heritage’s minority shareholders.

Economic implications

Economically, Courbet Heritage will become the primary activity of MHM, as MHM’s main business, the Conciergerie, has been sold. Essentially, NewMHM will closely mirror the current economic structure of Courbet Heritage.

Transaction

The details of the merger are currently unknown. In a 100% share deal, the exchange terms need to be evaluated. If a cash component is included, it will provide clarity on the valuation of Courbet Heritage shares.


Impact

The merger project does not necessitate alterations to our presumptions regarding Courbet Heritage. Courbet Heritage should reveal information about its portfolio to elucidate the valuation.

Courbet’s portfolio necessitates substantial investment in works, in addition to details on the timeline for planning permissions and the economic parameters of the investments, such as rents, return on cost, financing, and the business model of each asset.


Updates

18 Nov 24 M&A /Corp. Action
Merger Project with MHM

19 Aug 24 Opinion change
Preliminary update

14 Aug 24 Earnings/sales releases
Triple the NAV by 2030

12 Mar 24 Other news/comments
Accelerating the deployment of the pipeline

22 Feb 23 M&A /Corp. Action
Alluring acquisition in Cannes

05 Dec 22 Initiation cov.
Building tomorrow's hotel offer

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