SEB regains 20% stake in Supor: capacity transfer to Supor

1.167 billion yuan, 2.3 billion yuan, 3.46 billion yuan. Since 2006, the French small household appliance giant SEB (Saibo Group) has paid the above price for obtaining 30%, 22.74% and 20% equity of Supor (002032).

What attracted the French giant to have a soft spot for Supor, and he accepted the increasingly high purchase price to firmly control Supor? What has SEB brought to Supor in the past three years? After this further increase in the shareholding ratio of Supor, what will SEB bring to Supor? What has SEB brought to China's kitchen utensils and small household appliances industry?

Continuous high premium acquisition

"This equity transfer exceeded our expectations." A number of brokerage research reports on SEB's acquisition of Supor's second largest shareholder Supor Group and the third largest shareholder Su Zengfu 20% of Supor at a high price of 30 yuan per share and a total of 3.46 billion yuan. The equity makes such an evaluation.

This is indeed a high premium that is unexpected to the market. Supor disclosed the closing price of the transaction before the transaction was 26.40 yuan / share, the price given by SEB exceeded the price of 3.60 yuan, a premium of about 14%. However, the strange thing is that the market does not seem to recognize the high premium of SEB. Since the disclosure of the announcement on February 17, Supor's share price has continued to fall. As of yesterday, the closing price has turned into 25.74 yuan / share, which is about 15% lower than SEB's offer.

Judging from the performance forecast released by Supor on February 20, it seems to confirm the current market judgment on Supor's stock price. In 2010, Supor achieved a net profit of 405 million yuan and earnings per share of 0.70 yuan. From a static perspective, SEB's bid is indeed a bit high. This means that if Supor all distributes profits, the 20% equity SEB can earn only 0.8 billion yuan. According to this calculation, SEB can recover this investment after 40 years, which is equivalent to a price-to-earnings ratio of more than 40 times.

“The 30 yuan per share bid shows SEB Group’s confidence in Supor’s future performance growth and its high regard for the Chinese market.” Wang Xinchun, an analyst at Guoxin Securities, told reporters. Wang Nianchun believes that in the case that Supor's growth of about 30% in the next three years can be clearly predicted, the future Supor's share price should be higher than SEB's current bid. Moreover, China is currently the fastest growing region in the world's small household appliances market.

SEB's global sales growth in the past three years shows that since 2008, SEB's sales revenue in the Asia-Pacific region has increased from nearly 210 million euros in 2007 to 762 million euros in 2010, an increase of nearly three times. In the same period, the North American market and the European market were almost stagnant, and the region with the largest increase in three years was only about 10%.

Looking back at the entire process of SEB acquisitions, additional issuances, and tender offers and the ultimate holding of Supor, it can be seen that SEB's actions have given a much higher acquisition premium than the prevailing market price. For example, the purchase price and the additional price determined by SEB's acquisition of Supor's “Acquisition + Additional Issuance + Tender Offer” announced on August 16, 2006 are both 18 yuan/share, which is 14.23 than the average price of Supor 20 years before the announcement. The yuan premium was 23%; the subsequent tender offer price increased to 47 yuan/share, which was also about 20% higher than the share price of the secondary market at that time.

However, looking back, SEB's premium acquisitions, subscription of additional shares and tender offers were all gaining a lot. Regardless of the dividends and the benefits that Supor brings to the SEB Group's overall business, only Supor's current stock price of about 25 yuan / share is calculated. SEB's previously owned 51.31% stake in Supor has a market value of more than 7.5 billion, and the original SEB The total consideration paid for the acquisition of the equity was 4.467 billion yuan, equivalent to approximately 70% of the book income.

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