Oddo BHF - Spartoo : Résultats S1 2025 en ligne – Contexte de consommation toujours compliqué

Report

Oddo BHF

Jeremy Garnier

Spartoo : Résultats S1 2025 en ligne – Contexte de consommation toujours compliqué

30/09/2025 1 FR

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.

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Analysts

Jeremy Garnier

Other Reports from Oddo BHF

Markus Schmitt

Markus Schmitt

Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

Stada offered initially 7NC1 EUR 550m SS FRNs to refinance non-portable SS FRNs and amounts drawn under the RCF and later materially upsized the transaction in a unique move to address the EUR 600m SS FRNs due 2030. Closing of the CapVest/Stada transaction (a very large one for CapVest with reportedly EUR 10bn AuM) is expected for Q1 26. We do not expect regulatory headwinds. We change our Credit Opinion to Stable (vs. Positive) as Stada left the IPO route. The refinancing is a leverage-neutral transaction. Starting net leverage is at 5.7x. Note the EUR 1.4bn of PIK debt outside the restricted...

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Markus Schmitt

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Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

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Emmanuel Matot ... (+2)

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ODDO : Une hiérarchie défensive dans un cycle négatif

Les 3 acteurs évoluent dans un environnement sous contrainte, à l’origine de résultats en fort repli et d’incertitudes sur le timing de la reprise de cycle. Nous révisons en baisse nos estimations (-8% sur le ROC 2025/27 en moyenne). Notre hiérarchie privilégie la qualité des bilans, l’exposition à l’Europe et la communication transparente. Cela nous amène à mettre en avant Manitou (Surperformance ; OC 25 €) vs Exel Industries (Neutre ; OC 40 €) et Haulotte (Sous-performance, OC 1.15 € vs 2 €).

3h / 30m 3h / 30m 1 FR

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Spartoo : Résultats S1 2025 en ligne – Contexte de consommation toujours compliqué

Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

Stada Arzneimittel : Refinancing of SS FRNs; apparently high demand given the material upsizing

ODDO : Une hiérarchie défensive dans un cycle négatif

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