Prysmian : Starting coverage of the new hybrid with a Neutral recommendation
Prysmian issued an inaugural hybrid bond last week which was priced at 5.375% (reoffer price of 99.466), slightly ahead of our FV of 5.25%. This is significantly tighter than the IPTs of 5.875-6%, and in the lower end of the guidance range (5.375-5.5%). However, the hybrid bond has performed strongly, and it now offers limited upside potential in our view. We are therefore starting the coverage of the new hybrid with a Neutral recommendation.Prysmian and its subsidiaries produce, distribute and sell cables and systems and related accessories for the energy and telecommunications industries. Co. operates in two segments. The energy segment includes utilities, which organized in four lines of business, comprising high voltage, power distribution, accessories and submarine; trade and installers; industrial; and other, such as sales of residual products. The telecom segment produces cable systems and connectivity products used in telecommunication networks. This segment is organized in the following lines of business: optical fibre, optical cables, connectivity components and accessories, Optical Ground Wire and copper cables.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.