Report
Maxime Kogge

Eurofins : Au-delà du refinancement prévu en 2020, les perspectives restent solides. Les hybrides call 20 et 23 sont nos top picks

Les rendements des obligations Eurofins qui reflétaient historiquement un profil "low BBB/high BB" se sont fortement écartés à la suite de la vague d’acquisitions récente qui a porté le levier net à un niveau record de 3.3x pro forma (4.7x y compris les obligations perpétuelles). Les doutes exprimés par certains investisseurs sur le modèle et la stratégie du groupe ont également pesé sur les spreads qui sont désormais plus conformes à un profil "mid BB". - A nos yeux, le pic de lev...
Underlying
Eurofins Scientific Societe Europeenne

Eurofins Scientific is an international life sciences company operating in food & pharmaceutical products testings. Co. provides analytical testing services to clients from various industries including pharmaceutical, food, and environmental sectors. Co. offers analytical methods for evaluating the authenticity, origin, safety, identity, composition, and purity of biological substances & products. Co. verifies authenticity of products analyzed to detect dangerous components (pathogens, prions, pesticides, asbestos, mycotoxins, dioxins, toxic substances, etc.). Co. operates in Benelux, France, Germany, North America, Scandinavia, British Isles (U.K. & Republic of Ireland), & other countries.

Provider
Oddo BHF
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.

Analysts
Maxime Kogge

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