Oddo BHF - 12 – 16 April 2021

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Oddo BHF

12 – 16 April 2021

In this Weekly’s issue, you will find in our news round-up: the progress of the Climate Law on the regulation of short domestic flights and the ban on the most polluting vehicles from 2030. We also report on the NOAA's upward revision of the definition of an "average" Atlantic storm season, the impact of the frost episode on French vineyards and the champagne industry, and the production by Stellantis of a new combustion engine in Douvrin. Finally, we come back to the agreement r...

19/04/2021 23 EN

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Oddo BHF

Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

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Other Reports from Oddo BHF

Mateo Salcedo

Mateo Salcedo

Q-Park : Back into the HY market to finance its M&A strategy

Q-Park has just issued € 300m of new 5NC2 notes. Proceeds will be used to repay € 190m of drawn amounts under the RCF that were mostly used to finance M&A transactions, fund the acquisition of Bavaria in Germany of over € 70m, pay related fees and expenses, and increase cash on balance sheet levels. On a PF basis, net leverage stood at 6.5x as of end-March, or 0.1x lower than on a reported basis explained by the accretive acquisitions. Going forward, we expect Q-Park’s performance to remain positive supported by its strong pricing power and resilient business model. Deleveraging, however, coul...

1h / 43m 1h / 43m 1 EN

Mateo Salcedo

Mateo Salcedo

Q-Park : Back into the HY market to finance its M&A strategy

2h / 7m 2h / 7m 1 FR

Anne-Barbara Nicco

Anne-Barbara Nicco

Flos B&B Italia (ex-IDG) : Ratings at risk after a challenging start to the year. Lowering our recommendation.

After an upswing in its operating performance in Q3 and Q4 2024, Flos B&B Italia experienced a fairly sharp downturn in Q1, with double-digit declines in top-line sales in the Americas and Asia, and Q2 looks set to follow suit. Q2 is poised to be similar and visibility for the rest of the year remains very limited, significantly dependent on business in the US. Against this backdrop, the high leverage ratio, which had never really begun to decline since the M&A transactions carried in 2021/2022, climbed to 5.2x based on adjusted EBITDA and to 6.1x based on reported EBITDA. This could disappoin...

2h / 19m 2h / 19m 1 EN

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12 – 16 April 2021

Q-Park : Back into the HY market to finance its M&A strategy

Q-Park : Back into the HY market to finance its M&A strategy

Flos B&B Italia (ex-IDG) : Ratings at risk after a challenging start to the year. Lowering our recommendation.

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