Altium Ltd

ALU: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$96.20	Cbcqws	Jqzqhzdqf

Altium: Acquisition by Renesas a Good Outcome for Investors

Roy Van Keulen

Feb 15, 2024

We raise our fair value estimate for narrow-moat Altium by 44% to AUD 68.50 per share. Altium and Renesas have agreed to a binding scheme implementation agreement, or SIA, for Renesas to acquire Altium. The increase to our fair value estimate represents a 100% probability of the deal going through at the AUD 68.50 per share takeover price. Should the deal fall through, we would revert to our prior, stand-alone valuation of AUD 47.50 per share.

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