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Verisure : The temptation of a new dividend
Verisure has been able to deleverage by a turn since the last dividend recap in January 2021, to 5.8x as of March 2023 and we anticipate the figure at 5.3x by year-end, a level rarely seen since the 2015 LBO. Such a perspective logically gives rise to speculation about a new, imminent debt-funded dividend, which could erase the recent upgrade to B+/B1. The covenant package allows for unlimited dividend so long as pro forma net leverage remain below 7.0x until January 2024 and bel...
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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.
Joan Sehim
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