ODDO BHF Small & MIDCAP MORNING NEWS - 04/17/2024 Date Performance since listing Date Performance since listing

NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 17/04/2024 Date Performance depuis l’entrée Date Performance depuis l’entrée

NEXT can claim the leading position in the UK fashion category. Moreover, the company managed the transition from offline to online comparatively well. However, top-line growth should remain at 4% a year until 2026 as the business outside the UK is too small. The operating margin should decrease 40bp to 17.6% on higher wages and general Opex inflation. We initiate coverage with a Neutral rating and a TP of 8,900p (based on a peer group and DCF). - ...

Emeis : 2023 results relatively in line – 2024 set to be last year of convalescence ahead of a likely recovery in 2025e

>Operating indicators showing stabilising results - Emeis (formerly Orpéa) this morning posted its 2023 results, with EBITDAR of € 696m vs € 780m in 2022, or 13.4% of sales vs 16.7% in 2022, EBITDA pre-IFRS 16 of € 204m (vs € 342m), EBIT of -€ 919m and net income of € 1.355bn (vs € 1.25bn est.). Cash flow came in at -€ 746m. To recap, the latest guidance was for EBITDAR of around € 690m est. and EBIT of around € 210m.Shareholders’ equity after financial restr...

Paprec : Issuance Focus

Paprec is returning to the bond market to issue € 850m in two tranches, with five- and seven-year maturities. Proceeds will be used to refinance the two bonds issued two years earlier, which have high coupons of 6.5% (€ 300m, 2027) and 7.25% (€ 500m, 2029), respectively. The aim is to extend the group's maturities but also to capitalise on lower interest rates and tighter spreads to refinance under better conditions and thereby reduce interest expense. The PAPREC 2027 and 2029 notes are expected to be repaid ahead of maturity using their prepayment provisions at 103% on 10% of the outstanding ...

Paprec : Focus Emission

Paprec revient sur le marché obligataire pour émettre 850 m EUR en deux tranches, à 5 et 7 ans, qui serviront à refinancer les deux obligations émises il y a deux ans et qui ont des coupons élevés, de respectivement 6.5% (300 m EUR, 2027) et 7.25% (500 m EUR, 2029). L’objectif est de rallonger les échéances du groupe mais aussi de profiter de la baisse des taux et de la compression des spreads depuis deux ans pour se refinancer dans de meilleures conditions et réduire ainsi ses charges financières. Les obligations PAPREC 2027 et 2029 devraient être remboursées par anticipation en utilisant la ...

thyssenkrupp : Moving ahead on the planned spin-off of TKMS