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Maxeda : Despite strong resilience of the DIY sector, visibility is too low for 4x leverage ratio. We are downgrading our recommendation to Neutral.
The Maxeda senior secured notes due 2026 are currently trading at 66.8% mid, i.e. a yield to maturity of 17.9% over four years. - Whilst the DIY market appears to be holding up well at this stage and Maxeda is keeping its margins under control, the economic environment has become much tougher with macro data that have deteriorated markedly over the summer. The outbreak of war in Ukraine had accentuated the downside risks to economic activity, but for several months there was doubt ...
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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.
Anne-Barbara Nicco
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