Plastic Omnium : A reassuring issuer in the current context but an M&A risk
The POMFP 2024 notes offer a yield of 2.3%, corresponding to the yield of a 5-year issue rated between 'BB+' (1.82%) and 'BB' (2.54%), according to our yield matrix, which we think is over done in relation to the company's credit quality and is due to the fact that it is not rated and is part of the Auto sector. By comparison, Valeo 2024 (Baa2 negative, BBB negative) offers a yield of 1.3% and Faurecia 2025 (Ba1/BB+), a yield of 2.9%. Despite this premium and the group's reassuri...Compagnie Plastic Omnium is a manufacturing and services company which partners with car manufacturers and local communities, through its two core businesses which are Automotive Equipment and Environment. Co.'s activities can be divided into two divisions: the Automotive division and the Environment division. The Automotive division designs, manufactures and sells vehicle body parts (exterior parts and modules) and plastic fuel systems. The Environment division provides products and services for local authorities, including waste pre-collection and management equipment and services, and road and highway signage.
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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