SGL Carbon : We are adopting a Neutral recommendation on the 2023 CB and moving to Reduce on the 2020 CB
Since our latest update in December 2016, SGL pruned its balance sheet, sold its graphite electrodes (GE) as well as its furnace linings, and carbon electrodes (CFL/CE) businesses and redeemed certain debt instruments. In terms of capital market instruments, the group has a € 167m CB due in 2020 outstanding and it issued a new € 159.3m CB due in 2023. The company announced also that it could issue a € 275m bond in the near future to refinance existing debt and to fund growth. - SGL...SGL Group is a holding company. Through its subsidiaries, Co. is a global manufacturer of carbon and graphite products. Co. has the following reportable Business Areas: Performance Products (PP), Area Graphite Materials & Systems (GMS), and Carbon Fibers & Composites (CFC). The product portfolio of PP includes carbon and graphite electrodes, cathodes and furnace linings. GMS supplies products to various different industries, including coarse and fine-grain graphite and expanded natural graphite that used primarily in the chemical, automotive, semiconductor, LED, lithium ion battery and solar industries. CFC offerings range from raw materials to carbon fibers through finished components.
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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