Report
Loxam : Sector growth is faltering without undermining the group's deleveraging targets
Publication date 13/12/2018 11:27 - Writing date 13/12/2018 11:23 - - / - - - - We are maintaining our Stable Credit Opinion on Loxam even though growth in the sector is showing signs of slowdown, as we believe it is unlikely to undermine the management's deleveraging targets (i.e. return to leverage below 4.0x). Historically, Loxam has always managed to protect its leverage throughout the cycle, especially because in a downturn, Loxam is able to curb its investments, generating FCF...
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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.
Delphine Chauvin
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