GenusPlus Group's 'Transformational' Acquisition of MPC Kinetic is Highly Accretive, Euroz Hartleys Says

MT Newswires Live05-20

GenusPlus Group's (ASX:GNP) deal to acquire energy and resource services firm MPC Kinetic is "hugely accretive" and will allow the company to essentially double its earnings, Euroz Hartleys said in a Wednesday note.

The investment firm estimates that the "transformational" acquisition, which carries a price tag of up to AU$400 million, could be accretive by more than 50% in 2027.

"The acquisition rational, beyond the attractive maths, is to add gas gathering and well maintenance services as an adjunct to the Genus Plus distribution business," Euroz Hartleys said, adding that the deal will give GenusPlus a diversity of services that are consistent with its strategy.

The equity research firm maintained a buy recommendation on GenusPlus while raising its target price to AU$13.56 from AU$9.15.

GenusPlus Group's shares gained 1% in recent Wednesday trade and earlier hit a record high.

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