Investor Presentaiton
At 22/10/2021
(before rumors)
At 26/10/2021
(before suspension)
CONTEXT OF THE PROJECT
CONTEXT
Strengthening of La Banque Postale shareholding into CNP
Assurances share capital:
-
Acquisition of shares owned by BPCE (16.1%) by La Banque Postale at
€ 21.9 per share, reflecting:
CNP ASSURANCES SHAREHOLDER BASE
◉
A 50% premium on the 1-month VWAP on 26 October (€14.6)
Launch of a simplified tender offer which will be followed, if successful,
by a squeeze-out of the free-float (21.1%)
LA
BANQUE
POSTALE
68.5%
of voting rights
16,1%
G
CNP
62,8% assurances
21,1%
GROUPE
BPCE
13.6%
of voting rights
Other investors
17.9%
of voting rights
◉
A 37% premium on the spot close price on 26 October (€16.1)
25.0€
SHARE PRICE: CURRENT VALUATION LEVELS
22.0€
19.0€
16.0€
13.0€
4 March 2020 : €14
Announcement of the closing of
Mandarine
10.0€
7.0€
30 August 2018: €20
Announcement of the creation of the
large State-owned financial group
4.0€
Aug-18
Jan-19
Jun-19
Nov-19
Mar-20
Aug-20
Jan-21
Jun-21
Oct-21
P/E 2022E
P/BV S1 2021A
г
11,5x 10,0x 9,6x 8,7x 8,4x 8,4x 17,0x|
1,06x 1,00x 0,94x 0,87x
10,43x
Swiss
Life
Generali
NN
A.S.R.
Aviva
Ageas
CNPA
LA
BANQUE
POSTALE
Investor presentation / December 2021
Generali
Swiss
Life
A.S.R.
Aviva
Ageas
CNPA
SIMPLIFIED TIMETABLE
2021
16.1C
Oct.
End of
Oct.
Dec.
Q1
2022
March-
April
Beginning of
discussions with
BPCE
Governing
bodies
+
Announcement
to the market
Acquisition
of BPCE
shares
(16.1%)
Delivery of the
independent expert's
report, CNPA Board and
Filling of the draft offer in
response (1)
Declaration of compliance by
the AMF(2), then launch of
the public tender offer (3)
Closing of the
public tender offer
and implementation
of the squeeze-out
Note: This timetable does not takes into account the regulatory constraints associated with obtaining any regulatory 66
approvals (in France and/or aboard). (1) End of January 2022, (2) Beg/mid-February 2022, (3) Beg/mid-February 2022.View entire presentation