Jefferies suggests Dayforce could be valued at $60 per share, comparable to Paycor's valuation.
After Bloomberg reported this weekend that Thoma Bravo is in talks to acquire Dayforce, Jefferies said the firm is "not surprised" by private equity interest given the year-to-date weakness in the stock and the depressed valuation. The recent Paycor HCM deal proxy also showed private equity interest in that asset, notes the analyst, who sees this reinforcing the view that PE is willing to acquire in the Human Capital Management space. Thoma Bravo acquiring Dayforce for a similar valuation to Paycor would imply a price of about $60 per share, adds the analyst, who has a Hold rating and $60 price target on Dayforce shares.
