Novae valuation: a question of perspective

When investors and market watchers weigh the valuation of the
agreed Axis-Novae deal the view they take will depend heavily on
the perspective they use.
The Novae board has recommended that shareholders sell out to
Axis for 700 pence per share in cash.
This represents 1.38x trailing undiluted net tangible asset
value per share of 507.9p, with the forward multiple to the
full-year likely to be somewhat closer to 1.30x.
Axis and Novae said that, taking into account dilution from...