Report
Sarens : Inferior transparency and more deny Buy conviction till now
>The bond is tempting from a relative value perspective, but we deem transparency too low and have also operating concerns to adopt a Buy recommendation for now. We hope that Sarens will work with us on certain topics to gain conviction. Other risks we see: 1/ macro headwinds (soft/hard landing?); 2/ limited pricing power (eroding profitability); 3/ future funding costs (after bank/leasing facilities refinancing and perspectively the HY bond); 4/ the risk of underinvestin...
Provider
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.
Markus Schmitt
Other Reports from Oddo BHF
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.