ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 29/04/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 04/29/2025

Antin Infrastructure Partners : No surprises in Q1, guidance confirmed, limited impact from trade tariffs

Maxeda : Lâcher la proie pour l’ombre

Maxeda publiera ses résultats T2 (clôture début août) le 1er octobre prochain. C’est à cette date précise que la maturité de l’obligation 5,875% 01/10/2026 deviendra inférieure à 12 mois, faute de possibilité de refinancement anticipé à ce jour. Après deux exercices successifs (2023 et 2024) impactés par des hautes saisons (printemps/été) historiquement pluvieuses entrainant une dégradation de l’Ebitda, des ratios de crédit et des ratings, les jeux semblaient faits et c’était principalement un scenario d’Amend & Extend qui apparaissait comme le plus consensuel. D’ailleurs, plusieurs sources on...

Maxeda : Chasing rainbows

Maxeda's Q2 earnings (period ended early August) are due out on 1 October. On that said date, the maturity of the 5.875% 01/10/2026 notes will become current, as there has been no early refinancing window to date. After two consecutive years (2023 and 2024) impacted by record rainy peak seasons (spring/summer), which led to a deterioration in EBITDA, credit metrics and ratings, the die seemed to be cast for the notes, and an Amend & Extend scenario appeared to be the most likely outcome. Moreover, several sources revealed that bondholders had hired Moelis and Weil as advisors and that Maxeda w...

Credit Morning 08/28/2025

Emeria: still no real recovery in Q2 2025; liquidity saved by Assurimo|Iliad: sharp increase in profitability in Q2 2025 despite slower growth in France|