Deutsche Bank Positive on Dean Foods (DF) After Acquisiton Announcement of Alpro; Raises Estimates & Price Target
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Deutsche Bank maintains a 'Buy' on Dean Foods (NYSE: DF), raises price target to $26.
Deutsche analyst says, "Dean foods announced an agreement to acquire Alpro soy products from Belgium-based Vandemoortele N.V.. Mgmt. indicated a purchase price of 325 mil euro or 1.25x sales and we est. 8.8x EBITDA. Dean indicates the transaction is expected to close in 3Q09 and be slightly accretive to 2009 EPS (excl. transaction cost). We are raising our 2009 EPS to $1.64 and 2010 EPS to $1.88 as a result...The transaction gives Dean its first legitimate, scale business outside the U.S.,, with 5 manuf plants across Europe. Although more long term oriented, Alpro could give Dean some options to lower its tax rate."
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Dean Foods Company is a food and beverage company. The Company operates in two segments: DSD Dairy and WhiteWave-Morningstar.
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