Hodder Headline "could fetch £300m"

<p>Hodder Headline could realise &#163;300m in a trade sale, according to the brokerage Baird. But the analyst largely dismissed talk of a demerger of Hodder Headline as "a standard negotiating ploy to keep purchasers up to the mark".

In a research note on the publisher's parent W H Smith, Baird analyst Paul Smiddy quoted the price paid recently by suitor Lagardere for French publishing group Editis--two times sales and 15.3 times earnings before interest, tax, depreciation and amortisation.

The same multiples would put a tag on Hodder Headline of about &#163;316m, Baird said. "We believe t...

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