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Takko : Weak Q1 19 results, an entry point for bond investors
Takko posted a strong set of FY 18 results (ending January 2018), but Q1 19 EBITDA erosion and a rising number of loss-making stores – partly due to net store openings – have been perceived extremely negatively. Net leverage increased qoq to 6.6x (YE 18: 6.4x). - Pockets of risk to be monitored include: - 1/ Like-for-like (lfl) revenue growth and Takko's new growth initiative and concerns that it might repeat past mistakes, which got on bond investors' nerves: Bond investors need to ...
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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
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