Synergon Plc. buys Navigator Informatics Ltd., an IT outsourcing company, for a bit more than 500 million HUF. Part of purchase price will be shown as liabilities towards the enterprise, which has a registered capital of 220 million HUF.
The company currently serves about 200 clients, and is expected to contribute to the Group’s sales revenue and EBITDA with 1.5 billion and 450 million HUF, respectively. The Group expected similar results from the acquisition package taking place about half year ago; the Dataworld transactions were expected to realize a revenue and EBITDA of 3 billion and 400-450 million HUF. If these are to be realized – assuming no change in the performance in these companies – previous year’s 6.8 billion revenue can even go up to 10 billion this year, and as a result, previous year’s barely positive EBITDA can approach 750 million. In an interview last year with CEO Zoltán Jutasi, he said that thanks to the financial crisis IT companies can be bought at relatively low prices in Hungary, with an EBITDA multiple of 3-4x. An EBIDTA of 750 million HUF means 80 HUF per share, and calculating with the upper limit the share – currently traded above 380 Forints – would only be considered cheap with a price of less than 320 HUF.