Report
Klöckner Pentaplast : Refinancing the 2026 bonds will require successful transformation
Klockner Pentaplast (KP) has faced higher-than-expected fall in volumes during H1, marked by a large destocking and pushback from consumers. The long-awaited rebound is not expected before year-end, promising a rather negative newsflow in the short term. While SVP’s equity injection is credit positive, it does not change the overall picture. Net leverage remains high and FCF negative. The credit story is now largely dependent on a rapid normalisation of volumes from 2024 and on t...
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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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