EEFT - Cardtronics stock gains after new bid Truist see potential for $42-$48/share

Cardtronics (CATM) rose 16% to $41.30/share, above $39/share offer yesterday from an undisclosed party and well ahead of deal it inked with Apollo and Hudson Executive for $35 last month.Truist analyst Andrew Jeffrey earlier wrote that the $39 offer still undervalues the company and he thinks CATM could get 10x-11x its C21 EBITDA estimate or $42-$48/share in a deal, ``meaningfully'' above latest bid; expects that a strategic buyer could pay higher than financial buyer due to revenue and cost synergies.He points out that the $39 offer puts the stock at 9.3x his C21 EBITDA estimate, compared with 15.5x for Euronet (EEFT), which he considers CATM's closest peerReminder: Dec. 15, Cardtronics entered into a definitive agreement with funds managed by affiliates of Apollo Global Management  and Hudson Executive Capital to be acquired for $35/share in cash.

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Cardtronics stock gains after new bid, Truist see potential for $42-$48/share