Oddo BHF - Alain Afflelou : Non-breakable (coverage reinitation)

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Oddo BHF

Anne-Barbara Nicco

Alain Afflelou : Non-breakable (coverage reinitation)

We are re-initiating our coverage of the Alain Afflelou group. The spread on the AAFFP 4.25% 05/2026 secured notes have tightened by 175bp to Z+243bp since the May 2021 offering, clearly outperforming the JPM 'B' index (+105 bp over the period). Its all-time low (Z+205bp) was reached in early July 2023. With a yield to maturity of 5.9% mid, the bonds are among the priciest in the retail sector in relative terms, but also in the healthcare sector, which means they do not offer a h...

29/08/2023 1 EN

Provider

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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Analysts

Anne-Barbara Nicco

Other Reports from Oddo BHF

Maxime Kogge

Maxime Kogge

ODDO : Strengthening the EU's protectionist framework: reality check

The strengthening of the protectionist setup in Europe, while very significant, does not alter our sector hierarchy. We expect Europe to suffer from still soft demand in 2026 and high inventories fuelled by imports set to remain elevated out to H1. We are lowering our estimates for 2026 and 2027 but raising them further out, with our target prices increased by 20% on average as a result. With its focus on the US and a possible speculative dimension, Acerinox's positioning remains attractive. We also remain positive on Aperam, which offers the strongest diversification outside of stainless stee...

2h / 26m 2h / 26m 1 EN

Maxime Kogge

Maxime Kogge

ODDO : Renforcement du cadre protectionniste de l’UE : reality check

Le renforcement du cadre protectionniste en Europe, bien que très significatif, ne modifie pas notre hiérarchie sectorielle. Nous pensons que l’Europe devrait pâtir d’une demande encore faible en 2026 et de stocks importants nourris par des importations probablement encore élevées jusqu’au S1. Nous abaissons nos estimations 2026 et 2027 mais les relevons au-delà et nos OC sont donc augmentés de 20% en moyenne. Avec son focus sur les USA et une possible dimension spéculative, nous jugeons le positionnement d’Acerinox attractif. Nous restons positifs sur Aperam qui offre la plus forte diversific...

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Anne-Barbara Nicco

Anne-Barbara Nicco

Picard : Nouvelle émission obligataire senior unsecured

Picard a annoncé un projet d’émission d’obligations senior non sécurisées (SUNs) de 280 m EUR sur 7 ans NC3 (notées Caa1/CCC+) par la holding FR Bondco, actionnaire de Picard Bondco et vouée à la remplacer à la tête du restricted group. Le produit de l’émission ainsi qu’un prélèvement de 37 m EUR sur le cash au bilan seront alloués au remboursement de l’obligation SUN Picard Bondco 5,5% 2027 (310 m EUR) via une offre de rachat proposée au prix de 100,20%, soit une prime de 20 centimes par rapport au prix du call au 01/01/26 (pair). Parallèlement, le ‘vendor loan’ de 129 m EUR (intérêts inclu...

2h / 32m 2h / 32m 1 FR

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Alain Afflelou : Non-breakable (coverage reinitation)

ODDO : Strengthening the EU's protectionist framework: reality check

ODDO : Renforcement du cadre protectionniste de l’UE : reality check

Picard : Nouvelle émission obligataire senior unsecured

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