Maxeda : Inflation risk priced in. Recommendation raised to Buy.

One year after its refinancing, Maxeda's operating performance has been highly respectable despite a more complicated environment than expected (long lockdown in the Netherlands, cost inflation). The group is now able to generate positive free cash flow and, while the announcement of shareholder returns this summer will increase its net leverage beyond initial expectations, it should remain roughly 1 pt below its pre-crisis level, on our estimates. The recent market correction ha...