UPDATE: Stifel Downgrades GasLog Ltd. (GLOG) to Hold, Following Acquisition, Earnings
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(Updated - February 22, 2021 2:38 PM EST)
Stifel analyst Benjamin J. Nolan downgraded GasLog Ltd. (NYSE: GLOG) from Buy to Hold with a price target of $5.80 (from $5.00).
The analyst comments "GasLog announced today that BlackRock Global Energy & Power Infrastructure was buying all the shares not owned by the Livanos family and the Onassis Foundation for $5.80, or a 17% premium to Friday's close. If the transaction is completed, the company will be delisted from the NYSE exchange, although the preferreds will continue to trade in the open market. With the transaction price at 9.4x 2021E and 8.5x 2022E EBITDA, we don't believe there will be a higher bid for the company. In addition, with the sale of only 45% of the stock, we believe the company will get the required votes needed to complete the transaction in 2Q-2021. As a result, we believe there is little in the way of upside in the shares and expect them to ultimately trade to the $5.80 takeout price."
Shares of GasLog Ltd. closed at $4.95 yesterday.
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