Oddo BHF - THE LONDON TUNNELS PLC (TLT) The London Tunnels PLC : Under construction

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Oddo BHF

Robert Jan Vos

The London Tunnels PLC : Under construction

In this note, we initiate coverage on The London Tunnels PLC (TLT), listed on Euronext Amsterdam since 26 June. TLT plans to develop visitor attractions in the Kingsway Exchange Tunnels, built by the UK government to protect its citizens during the London Blitz. The project has secured full planning permission from The City of London and Camden Council. Construction, estimated to cost £ 150m, is expected to begin soon. The attraction, which is designed to host maximum three milli...

09/08/2024 1 EN

Underlying

THE LONDON TUNNELS PLC

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GB00BS28ZN53 Euronext Amsterdam United Kingdom

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

Robert Jan Vos

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Edison Investment Research

The London Tunnels - Hidden reserves

Opportunity knocks at Kingsway Exchange Tunnels to participate in the proposed rejuvenation of a singular and significant national asset and its vast blank canvas for potentially lucrative commercial display. The prospect of a major visitor attraction based on heritage and culture in unusual confines begs comparison with the development of the London Eye, which was also challenging but has arguably over delivered. With full commercial launch not till 2027, protracted project risks such as execution and further funding are inevitable (planning approval is expected at the 11 July London Borough ...

July 2, 2024 July 2, 2024 1 EN

Seche Environnement : Issuance Focus

Séché Environnement has just completed the placement of a new bond maturing in 2030 (five years), in ‘Green’ format. The funds will be used to repay the bridge loan that was obtained to finance the acquisition of ECO, as well as the funds used on the RCF. The IPT was announced at 4.75/5.0%, then the guidance was tightened to 4.625% +/- 12.5. Lastly, given what appears to have been strong demand, the yield was set at 4.5% and the size of the bond increased to € 400m (+€ 50m).

2h / 1m 2h / 1m 1 EN

Delphine Chauvin

Delphine Chauvin

Séché Environnement : Focus Emission

Séché Environnement vient de boucler le placement d’une nouvelle obligation à échéance 2030 (5 ans), en format « Green ». Les fonds serviront à rembourser le bridge loan qui avait été obtenu pour financer le rachat d’ECO, ainsi que les fonds utilisés sur le RCF. L’IPT avait été annoncé à 4.75/5.0%, puis la guidance a été resserrée à 4.625% +/- 12.5. Finalement, compte tenu d’une demande qui semble avoir été forte, le rendement a été fixé à 4.5% et la taille de l’obligation augmenté à 400 m EUR (+50 m EUR).

2h / 1m 2h / 1m 1 FR

Maissa Keskes ... (+2)

Maissa Keskes
Stephane Houri

Jenoptik AG : An undervalued growth story

Jenoptik is continuing its transformation towards a pure player profile in photonics. The group will present its new organisation on 25 March 2025 and is set to divest Prodomax, which we value at € 95m, by end-2025 at the latest. The valuation remains attractive at 7.9x 2025e EBITDA, giving a discount of ~20% to its five-year average. We think low visibility on H1 2025 is largely priced in now, offering an attractive entry point with substantial re-rating potential once the upturn in the semiconductors market materialises, probably as of H2 2025. Outperform rating confirmed and target raised t...

2h / 49m 2h / 49m 1 EN

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The London Tunnels PLC : Under construction

The London Tunnels - Hidden reserves

Seche Environnement : Issuance Focus

Séché Environnement : Focus Emission

Jenoptik AG : An undervalued growth story

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