De La Rue (DLAR.L, DLAR LN)

  • 232.4
  • 196.1
  • 99.0
  • DE LA RUE

    Closing Price (p): 118.5

  • RATING 13/12/24

  • PREVIOUS RATING

Company Profile

FOLLOWING THE ANNOUNCEMENT BY DE LA RUE PLC (DE LA RUE) THAT IT HAS A RECEIVED A PARTIAL OFFER, DE LA RUE IS DEEMED TO BE IN AN OFFER PERIOD FOR THE PURPOSES OF THE TAKEOVER RULES. DAVY IS BROKER TO DE LA RUE; ACCORDINGLY, RESTRICTIONS ON RESEARCH HAVE BEEN APPLIED. De La Rue is set to become a pure-play global leader in the design and manufacture of banknotes. This will occur on completion of the announced sale of its Authentication business (October 15th 2024 for £300m) and our expectation of deal completion in late March 2025, when the De La Rue balance sheet will be transformed and will have a cash pile of over £70m. This stronger balance sheet, improving order book and enhanced profitability profile should be attractive to equity investors and/or potential trade buyers. The Board has some firepower to invest organically, and potentially inorganically, to help complement the cyclicality of the Currency industry.


Major Shareholders%
Crystal Amber Advisers (UK) LLP16.5
Schroder Investment Mgt. Ltd.14.8
Aberforth Partners10.8
Butterfield Bank (Guernsey) Ltd.8.6
The Wellcome Trust Ltd.6.1