WBD 인수전, 34달러 분수령
Can Paramount Skydance bid beyond $30 per share for WBD?
파라마운트 스카이댄스의 주당 30달러 이상 인수 제안 가능성이 WBD 주주들에게 인수 프리미엄과 주가 상승 여력을 시사합니다
핵심 요약
모펫네이선슨은 WBD 인수전에서 스카이댄스가 32달러까지 제시할 수 있고, 경쟁 종결선은 34달러 수준이며 넷플릭스(NFLX)는 30달러 초과 시 인수 매력이 낮아진다고 분석했습니다.
WBD 인수전, 34달러 분수령
모펫네이선슨은 워너브러더스 디스커버리(WBD) 인수전의 핵심이 파라마운트 스카이댄스의 주당 30달러 이상 베팅 여부라고 진단했습니다. WBD가 넷플릭스(NFLX)로부터 7일 협상 유예를 받은 가운데, 스카이댄스는 주당 31달러 의향을 내비쳤지만 최종 제안은 아니며 최소 32달러까지는 갈 것으로 전망됐습니다. 보고서는 입찰 경쟁을 조기에 끝내려면 주당 34달러 수준이 필요하다고 봤습니다. 다만 넷플릭스는 30달러를 넘기면 인수 시너지의 주당 이익 기여가 약해져, 고가 경쟁에서의 가격 규율이 관건이라고 평가했습니다.
원문 링크: https://finance.yahoo.com/news/paramount-skydance-bid-beyond-30-164711707.html?.tsrc=rss
Original Article
Can Paramount Skydance bid beyond $30 per share for WBD?
Investing.com -- A key question in the Warner Bros. Discovery takeover battle is whether Paramount Skydance will be willing to bid above $30 per share, according to a new note from MoffettNathanson.
Analyst Robert Fishman told investors that this has been “the biggest ongoing question in the WBD deal saga,” particularly after Warner Bros. Discovery received a seven-day waiver from Netflix to negotiate with Paramount Skydance.
WBD has indicated that Paramount Skydance signalled “willingness to go to $31/sh. But still not its ‘best and final,’” MoffettNathanson said.
Fishman noted that the firm expects Paramount Skydance “to go to at least $32/sh. to put the pressure back on NFLX to match.”
However, if the bidder wants to “end a bidding war today,” MoffettNathanson argued that “a bid in the range of $34/sh. would avoid further debate over Discovery Global’s value.”
For Netflix , the “deal math” becomes less compelling as the price rises. Fishman wrote that MoffettNathanson’s base case “sees no accretion beyond $30/sh.,” though the firm cautions that media M&A “rarely plays out as expected.”
The central issue, MoffettNathanson said, is whether Netflix can “remain disciplined in its approach and walk away if PSKY goes much higher.”
According to the note, Netflix shareholders may benefit regardless of the outcome. Fishman wrote that “longer-term benefits of owning Warner Bros.’ assets” are not fully reflected in the stock, but if the company walks away, its “core fundamental drivers of subscriber and advertising growth plus pricing power should rebuild investor confidence.”
MoffettNathanson reiterated Buy ratings on Netflix and Warner Bros. Discovery.
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Source: https://finance.yahoo.com/news/paramount-skydance-bid-beyond-30-164711707.html?.tsrc=rss