Fixed Income. DME Airport - Time for Departure
DME Airport's operating and financial performance has been deteriorating for a few years now. It has consistently been losing ground to the competition, with some top customers either ceasing operations or switching airports. High investments have pressured cash flows, which has pushed leverage above the Eurobond incurrence threshold. Looking forward, near-term drivers for an improvement in cash inflow are lacking, and we think it reasonable to ask whether the company's financial health will allow it to refinance its Eurobond maturing in 2021 in the market. We recommend underweighting DME Airport Eurobonds.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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