TENNANT CO. $73(New York symbol TNC; Manufacturing & Industry sector; Shares outstanding: 17.9 million; Market cap: $1.3 billion; Takeover Target Rating: Highest; Dividend yield: 1.2%; TSINetwork Rating: Average; www. tennantco.com) makes industrial floor and street-cleaning equipment, including scrubbers, sweepers and polishers. The stock is a recommendation of our Wall Street Stock Forecaster newsletter.
London-based private-equity firm PrimeStone Capital recently disclosed its 5.2% ownership of Tennant.
The activist investor believes the company should merge with Nilfisk, its Denmark-based competitor, to create a $3 billion global leader in professional cleaning equipment. PrimeStone also owns 5.6% of Nilfisk, which trades on the Copenhagen Stock Exchange.
PrimeStone’s feels that a merger would provide significant advantages. Tennant would bring its strong business and its established industrial clientele from across the Americas; Nilfisk, on the other hand, is a leader in Europe, the Middle East and Africa. It mainly serves commercial customers, which makes for almost no overlap between the two companies.
The combined firm would have a market cap of over $2.45 billion, with $2.2 billion in annual revenue. PrimeStone proposes an all-stock transaction where Tennant issues 0.77 shares to Nilfisk investors for every Nilfisk share they hold. Ironically, under that deal, Nilfisk shareholders would then own 54% of the merged company, with Tennant shareholders holding the remainder.
Tennant’s board is currently evaluating the proposal.
Outside of a merger, the company expects earnings of $1.90 a share for 2018, up from $1.55 for 2017. However, the stock trades at a high 37.2 times that 2018 estimate. The $0.84 dividend yields 1.2%.
Tennant Corp. is a hold.
DIEBOLD NIXDORF INC. $18(New York symbol DBD; Manufacturing & Industry sector; Shares outstanding: 75.5 million; Market cap: $1.4 billion; Takeover Target Rating: Highest; Dividend yield: 2.2%; TSINetwork Rating: Average; www.dieboldnixdorf.com) is the world’s largest maker of automated teller machines (ATMs). It’s also a recommendation of Wall Street Stock Forecaster.
On November 16, 2017, Atlantic Investment Management announced that it had increased its stake in Diebold Nixdorf to 9.0% from 7.9%. That makes the New York-based activist investor Diebold’s second largest shareholder behind BlackRock Inc. (New York symbol BLK) at 10.4%.
Atlantic wants details on Diebold’s outlook for 2018 and what progress it’s made on its “DN2020” transformation. In addition, the activist recommends that the company buy back 15 million, or 20%, of its shares. That would immediately add to earnings per share.
On December 13, 2017, Diebold Nixdorf CEO Andy Mattes stepped down as CEO effective immediately. The company will now hire a new CEO with the experience to “lead (Diebold) in its next phase of growth.”
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