Avolta : You have arrived
Avolta bonds had all slightly outperformed the 'BB' universe over the past year, and more strongly since ‘Liberation Day’ on 2 April, before rumours of interest from CVC Capital Partners on 6 May disturbed their performance, given possible early redemption provisions. In this report, we have updated our recommendation to Neutral (Hold) vs. Buy to reflect current bond price levels which now offer less upside potential despite the still highly defensive nature of the name (see solid and resilient Q1). We have also taken the opportunity to spell out the early redemption possibilities in the event of a change of control.Dufry is a travel retail company. Co. operates over 1,650 shops worldwide. Co.'s shops are either duty free or duty paid shops, located in airports. Co.'s product categories include: Perfumes and Cosmetics; Confectionery, Food and Catering; Wine and Spirits; Watches, Jewelry and Accessories; Tobacco goods; Fashion, Leather and Baggage; Literature and Publications; Electronics; and Toys, Souvenirs and other goods.
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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