Prysmian - Rating Report
We are factoring in the likelihood of a large acquisition in the short- to- medium term. Although this potential move would probably releverage the group, we take comfort from both Prysmian’s cautious financial policy and its good track-record for integrating large-size companies (such as Draka). In addition, the group has the financial firepower to undertake such an acquisition, with its low adjusted net leverage of 1.9x, strong liquidi-ty, and robust cash generation. From a strategic view, a large deal would make Prysmian an undisputable, large-scale leader with potentially less concentration on the European, African and Middle East market (67% of group’s revenue) in the event of an acquisition outside Europe.
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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