Depth * Company * Adisseo (600299): The optimization plan of equity structure is close to completing the new proposal system exceeds expectations
Adisseo announces that it intends to purchase 15% equity of Bluestar Adisseo Nutrition Group Co., Ltd. from China Bluestar (Group) Co., Ltd. in cash. After the acquisition is completed, the listed company will hold the target company.100% equity.
At the same time, the company disclosed a new company executive compensation system, which will be closely linked to the company’s operations and the interests of small and medium shareholders.
Key points of the support level The optimization plan of the equity structure has been advanced smoothly, while simplifying the governance structure and increasing the company’s performance.
The listed company will acquire 15% equity of the target company held by Bluestar Group, and ultimately achieve 100% control.
The forecast of the underlying equity is estimated at 36.
1.4 billion US dollars, equivalent to about 8 worth of listed companies.
63 yuan / share.
The controlling shareholder of a listed company promises to keep it below 8 for 30 consecutive trading days within one year after the transaction.
63 yuan / share will be implemented steadily through increasing holdings.
In addition, the pricing mechanism for liquidity discounts in transaction pricing will help listed companies increase their returns.
According to the simulation calculation of Adisseo’s 2018 annual report, the net profit attributable to mothers in 2018 will be 9 after the transaction is completed.
26 trillion increased to 10.
89 million, the listed company’s budget revenue will be from 0.
35 yuan / share increased to zero.
41 yuan / share.
Therefore, we believe that the transaction from the “form” (equity structure) to “content” (performance) is beneficial to the listed company.
The new remuneration system closely links executive compensation with company operations, and is conducive to protecting the rights and interests of small and medium shareholders.
The executive compensation stipulated in the new salary system includes basic salary, annual bonus, and medium-term (long-term) incentives.
In addition to assessing individual performance goals, annual bonuses also assess company performance goals, which may include safety performance, revenue, earnings before interest, tax, depreciation, amortization, free cash flow after tax, and / or return on capital.
Long-term incentives will mainly assess the ability to continuously create value for shareholders, which may include total shareholder returns, returns on existing assets, profitable growth, and the quality of the company’s earnings.
In addition, the company also set a five-year (2019-2024) reward and punishment adjustment factor, which will help the assessment of leadership and the company’s market value more closely.
The introduction of this remuneration system bundles executives with the company’s operations and the rights and interests of small and medium shareholders. It not only unites the community of interests between executives and small and medium shareholders, 四川耍耍网 but also reflects the company’s confidence in future development.
It is estimated that the company ranks second in the global methionine market share, and liquid methionine occupies the first place in the world.
In the future, the company’s production capacity will expand, and the profitability industry will be the best.
It is expected that the EPS for 2019-2020 will be 0.
43 yuan, 0.
51 yuan, corresponding PE is 24 times, 20 times.
Maintain BUY rating.
The main risks faced by the rating are outbreaks of large-scale epidemics; emergencies such as environmental protection and safety; sudden increases in raw material prices or a key intermediate supply interruption; project construction is not up to expectations; abnormal exchange rates affect the company’s performance.