Vestis may be worth at least $18 a share in a takeover -analyst [Seeking Alpha]
Unifirst Corporation (UNF)
Last unifirst corporation earnings: 4/1 08:00 am
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Source: Seeking Alpha
Jefferies analyst Stephanie Moore raised her price target on Vestis ( VSTS ) to $18 from $14 to account for a potential takeover of the uniform company, she wrote in a note. The note came out before French competitor Elis SA said on Friday that it ended discussions with Vestis ( VSTS ) and US peer UniFirst ( UNF ) over possible takeover offers. Bloomberg also reported late Thursday that Vestis ( VSTS ) had attracted interest from others besides Elis, including private equity shops. "We see a high probability (-70%) of a sale giv en confirmed strategic interest , and our belief that PE could also make a bid," Moore wrote in the note before the Elis statement. "Outside of a sale, we see underlying fundamentals improving in the next 12 months as it laps customer losses and benefits from the corp reorg." While there is only one confirmed bidder, PE could be a bidder given Vestis' stock underperformance, valuation discount (-5x disc. to peer avg.) and activist involvement in the nam
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News
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UNF
Earnings
- 10/23/24 - Beat
UNF
Sec Filings
- 12/5/24 - Form DEFA14A
- 12/5/24 - Form DEF
- 11/22/24 - Form 4
- UNF's page on the SEC website