2025-06-04-Jefferies-米蒂集团（MTO）_关于Marlowe潜在收购报价的报告_7页_100kb

Mitie is rated "BUY" by Jefferies Equity Research with a 12-month price target of 145p, representing an 8% upside from the prior close of 157.40p. This rating reflects the potential acquisition of Marlowe Plc, where Mitie is engaging in discussions regarding a possible offer, though no firm terms or certainty exists at this stage.

The potential deal aligns with Mitie's strategy to grow its "facilities transformation" business by integrating Marlowe's services into its core operations. Specifically, acquiring Marlowe could add approximately 9% to Mitie's EBITA (based on visible Alpha consensus), with Marlowe's implied 6.7% EBITA margin (post-divestments) being accretive to Mitie's current 4.5% margin.

Mitie is the leading UK provider of facilities management services, split between soft (e.g., cleaning and security) and hard segments (e.g., heating and lighting). Following the 2020 Interserve acquisition, it operates with diverse revenue streams, 55% from private and 45% from public sectors, and has a strong market position with consistent organic growth and buyback programs.

Marlowe is a specialist in business-critical services focused on compliance, having recently divested parts of its business (e.g., Governance, Risk & Compliance and Occupational Health) to improve capital efficiency. Its FY26e revenue and EBITA are projected at £323m and £21.6m, respectively, with a healthy PE ratio of 20x, suitable for the deal valuation.

Jefferies' valuation incorporates factors like Mitie's expected 5% EPS accretion from buybacks (partially offset by potential ND/EBITDA surplus) and risks from cost inflation, Project Forte execution, and client base overlap.

Analysts highlight Mitie's strong organic performance and bolt-on M&A activities, providing additional context for the "BUY" recommendation.