Stada Arzneimittel : IPO will come at the end; we would subscribe to the new 2030s at 6% or more
Stada is in the market to refinance the 2026 bond and is separately addressing the maturity of the GBP term loan – both to 2030. The RCF will be simultaneously extended eventually to 2028. As a result, the entire cap structure (except the RCF) matures in 2030. This concentration risk will not be relevant, we think, because the owners are still pursuing their exit strategy via an IPO in 2025, resulting in an overhaul of the entire cap structure.We see the IPO scenario as positive as it leaves a good risk-reward situation, while Stada is performing well in the meantime.
Stada Arzneimittel is engaged in the development and marketing of products with off-patent active pharmaceutical ingredients in the health care and, in particular, in the pharmaceutical market. Generics is based on low pricing and/or a cross-product and cross-indication marketing concept while Branded Products focus on the specific product characteristics and, in particular, on the brand name of individual products. Co.'s business activities are divided into the four market regions of Germany, Central Europe, CIS / Eastern Europe and Asia & Pacific & Middle East / North Africa (MENA).
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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