Report
Emeria : Patience has run out
Emeria’s credit profile has severely deteriorated since the issuance of the bonds in 2021. Net leverage has become too high on numerous debt-funded acquisitions, while there is much less flexibility on the liquidity side. We do not expect any real improvement in 2024 due to still high cash leakages. There are even downside risks as management several times demonstrated a very poor track-record. In this study we detail the latest results, the cash flow structure, and the potential...
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.
Joan Sehim
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