Report
Carole Braudeau

Lagardère : Nous sommes confiants sur la stratégie de reprofilage du portefeuille mais préférons attendre un point d’entrée plus intéressant sur les obligations

A travers le reprofilage de son portefeuille (développement ciblé sur le Travel Retail et le Publishing), Lagardère souhaite s’orienter vers un business model plus générateur de cash. Cette évolution pourrait cependant impliquer une politique d’acquisitions plus volontaire qui pèsera temporairement sur les ratios de crédit. - Compte tenu de la cherté relative des titres aujourd’hui, dans l’univers des non notés low BBB, nous préférons nous alléger sur la signature et attendre un ...
Underlying
Lagardere SCA

Lagardere Groupe is a holding company. Through its subsidiaries, Co. is engaged in the media industry (news, education, culture and entertainment businesses). Co.'s main activities in the media industry can be divided into four separate divisions. Lagardere Publishing includes Co.'s Book Publishing and e-Publishing businesses. Lagardere Active encompasses Co.'s Magazine Publishing, Audiovisual (Radio, Television, Audiovisual Production), Digital and Advertising Sales Brokerage businesses. Lagardere Services encompasses the Travel Retail and Distribution businesses. Lagardere Unlimited specializes in sports and entertainment.

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
Carole Braudeau

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