Report
Paprec : Satisfactory set of results, but deleveraging hampered by acquisitions
After delivering a strong performance in 2022, Paprec produced a mixed bag of Q1 2023 figures, hurt by inflation and bleaker economic conditions. Profit margins have shrunk but remain decent. Although Paprec's credit profile has improved in recent years, relatively low FCF generation is not sufficient to drive debt reduction amidst a continuing high level of M&A deals. In this Special Comment, we review the latest results and analyse the outlook. - - - - - - - - > - §...
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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.
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