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Investing.com - Jefferies has downgraded Johns Lyng Group Ltd. (ASX:JLG) from Buy to Hold while raising its price target to AUD4.00 from AUD3.20.
The rating change follows Johns Lyng Group’s announcement that it has entered into a Scheme Implementation Deed with Pacific Equity Partners (PEP), valuing the company’s equity at AUD1.1 billion or AUD4.00 per share.
The transaction was first disclosed on June 11 when Johns Lyng Group revealed it had received a non-binding indicative proposal from Pacific Equity Partners, though no bid price was mentioned at that time.
Jefferies views the AUD4.00 per share price as reasonable and sees limited risk to the deal not proceeding, though standard approvals are still required.
The firm’s previous analysis had considered three valuation scenarios for Johns Lyng Group before the formal agreement between the companies was announced.
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