Stada Arzneimittel : Pump up the leverage
The recent delisting offer was very aggressive as it was entirely debt-funded. It therefore forced up net leverage instantly by 2.5x to 6.7x (excluding synergies). While sponsors and management see the current level as a cap, their track record does not plead in favour of conservatism. Further moves such as minority buyouts and mid- or large-scale acquisitions could slow down deleveraging going forward. - That said, we recognise that the new deal has a very limited impact on cash f...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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