Resultat av emisjonen:
Tegningskurs: 12,00
Sluttkurs første dag: 12,50 (08.05.2016)
Avkastning første dag: 4,17%
Oppdatering: Kursintervallet er snevret inn til 11.50 til 12 kr. per aksje (06.05.2016).
B2 Holding skal børsnoteres. De har vært en av selskapene omtalt på RykteBørsen. ABG Sundal Collier ASA, Arctic Securities AS og Nordea Markets bistår. Selskapet driver inkassovirksomhet i flere land, vokser kraftig, er lønnsomt og har et management og styre som har bygget opp selskaper innenfor samme sektor tidligere (Aktiv Kapital og Gothia). Det geografiske nedslagsfeltet er Skandinavia, Finland, Baltikum, Tsjekkia, Italia, Polen, Romania og Balkan. De er til sammen i 14 land hvorav Polen er det største markedet deres per i dag. Målet er å bli et pan-europeisk selskap.
B2 Holding vil dra nytte av de nye bankreguleringene som tvinger bankene i Europa til å rydde opp i balansene sine. Høye kapitalvekter på misligholdte lån gjør de kostbare å holde på når også kjernekapitalkravene til bankene øker. B2 Holding tar sikte på å hente inn 650 MNOK i ny egenkapital og vil også øke fremmedkapitalen fremover slik at de kan dra nytte av "de rekordstore" mulighetene de har tilgang på. De eier allerede misligholdt gjeld for 47,7 mrd kr. og renger med å få hentet inn 6,8 mrd kr. av det beløpet (dvs. fremtidige inntekter) samtidig som de vil forsette oppkjøpet av ytterligere gjeld. B2 Holding tar sikte på en EK-grad på 30%, har som mål å levere 20% EK-avkastning og ønsker å starte med å utbytte betaling våren 2017.
Et lite negativ tegn at Dalen Zahl og Rasmussengruppen vekter seg noe ned. Et pluss er at flere av primærinsidere har tegnet seg i emisjonen sammen med storaksjonær Stenshagen Invest. Styret og ledergruppe har en lock-up periode på 6 og 9 måneder noe som gjør at man ikke trenger frykte inside salg i den nærmeste perioden.
Tegningsperiode: 25.05.2016 til 07.06.2016 kl.12:00.
Kursintervall: 11,25 til 13,50 kr.
Ingen retail rabatt
Minste tegning: 10.500 kr
Opptil 4,9 % over-allotment - 15,25 mill. aksjer som Rasmussengruppen AS (15) og Olav Dalen Zahl (0,25) selger.
Om selskapet:
B2 Holding is a leading European financial services provider specialised in the investment and workout of non-performing loans, primarily from the banking sector. The Group also provides third party debt collection solutions on behalf of clients, as well as offering credit information in selected markets. It also has smaller consumer lending operations in Sweden and Poland.
The Group's main focus is on debt purchasing and collection on owned portfolios. The Group believes that a key success criteria within the CMS industry is availability of information, where it draws upon its expertise in handling large amounts of customer data. The Group's strategy involves identifying and acquiring the right portfolios, developing strong operational platforms and acquiring subsidiaries with similar businesses in targeted markets across Europe supporting this strategy.
B2Holding has built its business through the acquisition of collection companies with strong segment positions, and through purchases of non- performing and partially performing debt portfolios. The essence of the Group's current strategy is to build leading positions within the CMS industry in the geographical markets in which the Group operates, with a main focus on the purchasing and collection of NPL portfolios. A strong presence in the Group's geographical markets has positioned the Group for further growth as it provides access to new portfolios. The Group's position and main focus in the CMS value chain is on the debt purchase and collection segment where it collects on portfolios purchased for its own book, but the Group also has a significant presence within the third party collection segment in Finland and Latvia. The collection process is managed through the Group's 10 platforms (12 platforms following completion of the acquisition of DCA as described under B.4a) below) and the collection methods vary across regions and dependent on the customer profile. The collection strategy is developed to yield both the best financial results and to protect the Group's reputation. The Group emphasises professionalism, expertise and high ethical standards at all levels of the collection process as these are important factors for the Group's attractiveness with and trust from NPL originators / debt sellers and local authorities.
The Group believes it has a number of key strengths that help to differentiate it from its competitors and that have contributed to the Group's profitable growth. These key strengths include:
(i) the Group's position in a highly attractive industry;
(ii) rapid establishment as a leading debt purchaser in the Nordics and Central Eastern Europe, partly through acquisitions of well- respected platforms with long track records, as well as through relationships with NPL providers;
(iii) strong management team and organisation led by industry veterans;
(iv) scalable collection platform supporting profitable expansion potential;
(v) highly diversified portfolio with stable and predictable cash flows; and
(vi) strong financial position and growth capacity.
In order to achieve its goal to be one of the leading Pan-European institutions in the CMS industry, the Group pursues development of businesses with extensive experience and a solid reputation in their respective local markets. The Group is currently represented in 15 European countries, with debt collection operations (platforms) in Croatia, Estonia, Finland, Latvia, Montenegro, Norway, Poland, Serbia, Slovenia, and Sweden. The Group also has support offices in Austria, Luxembourg, the Netherlands and recently incorporated entities in Romania and the Czech Republic. Furthermore, the Group owns portfolios in Italy, Denmark, Romania and Lithuania.
Nettsiden til selskapet
Prospekt
Tegning via VPS
Nettsiden til selskapet
Prospekt
Tegning via VPS
