[cade]

ich will da ding nicht pushen, bin selber draussen weil es nicht mehr meiner anlagestrategie entspricht. wer aber einen billigen substanzwert sucht micht guten wachstumsaussichten für den ist diese aktie ideal.
aus der angabe EBITDA of Euro 10.5 million kann ja jeder den ebitda-multiplikator errechnen auf basis des kaufpreises ca. 6. und auf basis des aktuellen kurses roundabout 4. also meiner meinung nach ist dies günstig. wenn man nun noch die wachstumsaussichten zusätzlich betrachtet da arriva sich beim acquirieren von neuen strecken die rosinen rauspicken kann und nicht wie die bahn ag die infrastruktur für jede region darstellen muss dann siehts meiner meinung nach noch besser aus.

Arriva hat sogar 63,0 Mio. Euro oder 3.429 Euro/Aktie bezahlt:

REG-Arriva PLC Acquisition

Released: 14/10/2004

ARRIVA EXPANDS ITS GERMAN BUSINESS

- Acquisition of Regentalbahn
- Significant expansion opportunities in rail sector

Arriva plc, the European transport services organisation, has announced the
purchase from the state of Bavaria of a 76.9 per cent stake in Regentalbahn AG,
an operator of rail services in Germany. The acquisition has already been
cleared by the German competition authorities. It was announced by the state of
Bavaria that Arriva was preferred bidder for the shares on 7 September 2004.

The consideration is Euro 63.0 million (£43.4 million) and will be satisfied in
cash from the Group's existing facilities.

Regentalbahn's major activity is the operation of regional passenger rail
services in the federal states of Bavaria, Thuringia and Saxony. It also
operates rail services into the Czech Republic in co-operation with the Czech
State Railway. Since December 2003, it has been operating a train service
between Munich and Oberstdorf in a joint venture with the Swiss State Railway.
Most operations are under contracts which run to 2012. The company has around
400 employees, owns 71 passenger trainsets and in 2003 delivered some 9 million
train kilometres.

Audited accounts for the year ended 31 December 2003 show Regentalbahn had a
turnover of Euro 67.2 million (£46.4 million) and an EBITDA of Euro 10.5 million
(£7.3 million). Net assets were Euro 21.7 million (£15.3 million) including net
debt of Euro 2.9 million (£2.0 million). The acquisition is expected to be
immediately earnings enhancing before the amortisation of goodwill.

Arriva first entered the German market in April this year when it acquired the
rail company Prignitzer Eisenbahn Gruppe, which operates regional rail services
in the federal states of North Rhine-Westphalia, Brandenburg and
Mecklenburg-West Pomerania.

Bob Davies, Arriva's chief executive, said:

" The German public transport market is the largest in Europe and is evolving
rapidly towards competitive tendering, with ten per cent of local and regional
rail services already tendered. This acquisition strengthens our ability to
participate in future competitive bidding for tenders and we look forward to
working with the management and employees of this successful business."

Arriva has public transport operations in eight member states of the European
Union - the United Kingdom, Denmark, Sweden, the Netherlands, Germany, Portugal,
Spain and Italy.