Eurofins : Beyond the refinancing planned for 2020, prospects are still solid. The perps callable in 2020 and 2023 are our top picks
Eurofins' bond yields historically reflected a "low BBB/high BB" profile but widened sharply following the group's recent wave of acquisitions which brought net leverage to a record 3.3x pro forma (including 4.7x including perpetual bonds). Doubts expressed by some investors about the group's model and strategy also took a toll on spreads which are now more in line with a "mid BB" profile. - In our view, the peak in leverage is offset by solid momentum and good deleveraging prospec...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.
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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