APM Human Services International Pty

APM: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$7.22	Dgyw	Clddqzx

APM Human Services: Still in Play Despite CVC Pulling Offer

Shane Ponraj

Apr 2, 2024

Following the end of its exclusivity period, CVC Asia Pacific withdrew its nonbinding cash offer of AUD 2.00 per share for no-moat APM Human Services. This was surprising to us, given the offer was below our unchanged stand-alone fair value of AUD 2.40. Nevertheless, we maintain our AUD 2.00 per share fair value estimate as the firm has been approached by other potential bidders. We expect an update on any potential offer before APM shares recommence trading, expected by April 5, 2024.

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