ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/02/2025

Credit Morning 06/02/2025

Flos B&B Italia: lower results and increased leverage in Q1|Announcement by the Gabonese Government to ban crude manganese export from 2029|Eutelsat is reportedly in talks with investors to raise € 1.5bn (Bloomberg)|

Morning Crédit 02/06/2025

Flos B&B Italia : résultats en repli et augmentation du levier auT1|Annonce du Gouvernement gabonais d’interdire les exportations de manganèse brut à partir de 2029|Eutelsat discuterait avec des investisseurs pour lever 1,5 md EUR (Bloomberg)|

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...

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...

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...