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4-Traders Homepage  >  Equities  >  SHENZHEN STOCK EXCHANGE  >  Huawei Culture Co Ltd    002502   CNE100000WQ5

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Blackstone taps Morgan Stanley for sale of camera maker Leica: sources

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09/18/2017 | 01:16pm CET
The headquarters of German camera manufacturer Leica are photographed in Wetzlar

Buyout group Blackstone (>> Blackstone Group LP) has tasked Morgan Stanley (>> Morgan Stanley) with finding a buyer for its 45 percent stake in German iconic camera maker Leica, people close to the matter said on Monday. While no auction has been officially launched, the private equity firm has started holding meetings with potential future investors such as family offices, the people added.

Buyout group Blackstone (>> Blackstone Group LP) has tasked Morgan Stanley (>> Morgan Stanley) with finding a buyer for its 45 percent stake in German iconic camera maker Leica, people close to the matter said on Monday. While no auction has been officially launched, the private equity firm has started holding meetings with potential future investors such as family offices, the people added.

Blackstone and Morgan Stanley declined to comment.

Blackstone hopes to reap a valuation similar to that of luxury goods makers and sports optics peers, some of which trade at 12-14 times their expected core earnings, a premium to mass market camera makers such as Canon (>> Canon Inc) and Nikon (>> Nikon Corp), which trade at roughly half that.

Leica is expected to report earnings before interest, tax, depreciation and amortisation of roughly 70 million euros (62 million pounds) this year. If valued in line with luxury groups it could fetch an enterprise value of 840-980 million euros ($1 to $1.17 billion).

(Reporting by Arno Schuetze; Editing by Georgina Prodhan)

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Financials ( CNY)
Sales 2017 1 010 M
EBIT 2017 347 M
Net income 2017 360 M
Debt 2017 -
Yield 2017 -
P/E ratio 2017 21,03
P/E ratio 2018 17,75
Capi. / Sales 2017 7,49x
Capi. / Sales 2018 6,15x
Capitalization 7 566 M
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 6
Average target price 14,0  CNY
Spread / Average Target 59%
EPS Revisions
Managers
NameTitle
Xiang Bin Guo Vice Chairman & General Manager
Zhuo Cai Guo Chairman
Li Qiao Lin Chairman-Supervisory Board
Chu Jun Chen Chief Financial Officer, Director & Deputy GM
Sheng Ping Li Independent Director
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