Initiating coverage with a Buy recommendation on the convertible bonds
It is certainly no secret that consumer discretionary in general and fashion in particular are on the front line when it comes to declining consumer confidence and purchasing power issues - as evidenced by the multiple guidance revisions in the sector - and that the Zalando convertible bond prices should remain volatile as long as inflation keeps ticking up. However, with yields-to-maturity of 5.4% and 6.7% over 3 and 5 years respectively, they are currently priced in line with ‘...Zalando is an e-commerce group based in Germany. Co. is engaged in the online retailing of clothing, shoes and accessories for women, men and children. Co.'s product offering include more than 1,500 brands, including global and local brands, as well as private labels, including shoes, clothing and accessores as well as sportswear and homeware designed especially for the Co. The Co.'s product offering is complimented by the Zalando Lounge and Zalon apps, which provides registered members special offers at discounted prices. Co. also provides a combination of services that include free delivery and returns.
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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