Spread Research - Ardagh Group S.A. Class A (ARD) Ardagh - Soft 4Q but resilient outlook, Buy 2023 PIK before special div

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Spread Research

Joan Sehim

EUR 203.58 For Business Accounts Only

Ardagh - Soft 4Q but resilient outlook, Buy 2023 PIK before special div

Ardagh, the Irish packager, has released softer 4Q17 results compared to those for 4Q16. Sales came in at €1,789m, down 2% on FX headwinds but up 1% organically, with EBITDA of €285m, down 7% (-3% organically). Given the strong USD-EUR volatility, and that the bulk of the company’s business is now denominated in USD, management has decided to switch the reporting currency to the US dollar from January 2018.

15/03/2018 3 EN

Underlying

Ardagh Group S.A. Class A

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LU1565283667 New York Stock Exchange Luxembourg

Provider

Spread Research

Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.

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Analysts

Joan Sehim

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Ardagh - Soft 4Q but resilient outlook, Buy 2023 PIK before special div

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