The buyer did a fund raise last year:
another this year:
This knocks off 10% of consol revs for WPIL.I was a bit surprised that WPIL decided to do away with the subsidiary just as it seemed to be entering a period of good growth/order intake.And it’s not as if WPIL needs the money even if one assumes higher WC needs as they execute the large order book since their WC cycle and balance sheet were already solid.But 3x sales is a decent multiple given how cheap European assets usually go for.
Will be interesting to hear the management’s views on the same.Q1 call and results are also yet to take place.
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