reports
S&P revised Fnac Darty's outlook to "stable" and confirmed its BB+ Cor...
S&P revised Fnac Darty's outlook to "stable" and confirmed its BB+ Corporate rating, Successful renegotiation and extension of the maturities of the undrawn RCF and DDTL Ivry-sur-Seine, France, March 12, 2025 Standard & Poor's revised Fnac Darty's outlook to "stable" and confirmed its BB+ Corporate rating Successful renegotiation and extension of the maturities of the undrawn RCF and Delayed Drawn Term Loan (DDTL) credit lines by two additional years to March 2030 Standard & Poor's revised Fnac Darty's outlook to stable from negative and confirmed the Group's BB+ Corporate rating. This ...
S&P relève la perspective de Fnac Darty à « stable » et confirme la no...
S&P relève la perspective de Fnac Darty à « stable » et confirme la notation BB+, Succès de la renégociation et de l’allongement des maturités des lignes de crédit non tirées RCF et DDTL Ivry-sur-Seine, 12 mars 2025 Standard & Poor’s relève la perspective de Fnac Darty à « stable » et confirme la notation BB+ Succès de la renégociation et de l’allongement des maturités des lignes de crédit non tirées RCF et Delayed Drawn Term Loan (DDTL) de 2 ans additionnels, à mars 2030 Standard & Poor’s a relevé la perspective de Fnac Darty à stable, contre négative auparavant, et a confirmé la notat...
- Mateo Salcedo
Viridien : New bond priced in line with our fair value
Viridien has successfully priced its $ 950m-equivalent bond offering split between a $ 450m tranche (vs $ 475m before) and a € 475m tranche (i.e. $ 500m vs $ 475m before). The USD bonds were priced at a yield of 10% to par, tighter than both the IPTs of 10.25-10.5% and guidance of 10.25% area. On the other hand, the EUR bonds priced at a par to yield of 8.5%, also tighter than its IPTs (8.75-9%) and guidance (8.75% area). This is in line with our fair price of 8.5%. We are, therefore, initiating...
- Mateo Salcedo
Viridien : New bond priced in line with our fair value
Viridien has successfully priced its $ 950m-equivalent bond offering split between a $ 450m tranche (vs $ 475m before) and a € 475m tranche (i.e. $ 500m vs $ 475m before). The USD bonds were priced at a yield of 10% to par, tighter than both the IPTs of 10.25-10.5% and guidance of 10.25% area. On the other hand, the EUR bonds priced at a par to yield of 8.5%, also tighter than its IPTs (8.75-9%) and guidance (8.75% area). This is in line with our fair price of 8.5%. We are, therefore, initiating...
- Carole Braudeau
Credit Morning 03/12/2025
Avolta: strong set of full-year earnings, medium-term targets confirmed|Fnac Darty: S&P revised the outlook to stable on BB+ rating|Wendel announced the forward sale of Bureau Veritas shares representing 6.7% of the capital.|Branicks FY 24 results: Vacancy deteriorated further (7.4%), aims EUR 600-800m in asset sales|GCP FY 24 results: Solid year and overall in good shape|Viridien: pricing of the bond offering|
- Carole Braudeau
Morning Crédit 12/03/2025
Avolta : solides résultats annuels, objectifs moyen terme confirmés|Fnac Darty : S&P a relevé la perspective à stable sur la note BB+|Wendel a annoncé la Vente à Terme d’actions Bureau Veritas représentant 6,7 % du capital|Branicks FY 24 results: Vacancy deteriorated further (7.4%), aims EUR 600-800m in asset sales|GCP FY 24 results: Solid year and overall in good shape|Viridien: pricing of the bond offering|
- Emna Ben Bdira
- Maxime Kogge
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
AUTN AUTONEUM HOLDING AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
OSE OSE IMMUNOTHERAPEUTICS SA
SSAB A SSAB AB CLASS A
GYC GRAND CITY PROPERTIES SA
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
TUB TUBACEX S.A.
ERG ERG S.P.A.
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
DIC DIC ASSET AG
RIO RIO TINTO PLC
DUFN DUFRY AG
BHP BHP GROUP LTD
MDM MAISONS DU MONDE SA
AMAG AMAG AUSTRIA METALL AG
THEP THERMADOR HOLDING SA
ORP ORPEA
SPG SPRINGER NATURE AG & CO. KGAA
- Emna Ben Bdira
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
RHM RHEINMETALL AG
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
WPP WPP PLC
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BNR BRENNTAG SE
RIO RIO TINTO PLC
LDO LEONARDO SPA
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
BIM BIOMERIEUX SA
TKWY JUST EAT TAKEAWAY.COM N.V.
AMAG AMAG AUSTRIA METALL AG
PRX PROSUS N.V. CLASS N
SYENS SYENSQO
HAVAS HAVAS N.V
- Emna Ben Bdira
- Maxime Kogge
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
AUTN AUTONEUM HOLDING AG
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
OSE OSE IMMUNOTHERAPEUTICS SA
SSAB A SSAB AB CLASS A
GYC GRAND CITY PROPERTIES SA
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
TUB TUBACEX S.A.
MBWS MARIE BRIZARD WINE & SPIRITS SA
ERG ERG S.P.A.
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
DIC DIC ASSET AG
RIO RIO TINTO PLC
DUFN DUFRY AG
BHP BHP GROUP LTD
MDM MAISONS DU MONDE SA
AMAG AMAG AUSTRIA METALL AG
THEP THERMADOR HOLDING SA
ORP ORPEA
SPG SPRINGER NATURE AG & CO. KGAA
- Emna Ben Bdira
- Maxime Kogge
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
RHM RHEINMETALL AG
SZG SALZGITTER AG
VOE VOESTALPINE AG
ACX ACERINOX SA
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
WPP WPP PLC
NDA AURUBIS AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
ITX INDUSTRIA DE DISENO TEXTIL S.A.
BNR BRENNTAG SE
RIO RIO TINTO PLC
LDO LEONARDO SPA
BHP BHP GROUP LTD
DHER DELIVERY HERO SE
BIM BIOMERIEUX SA
TKWY JUST EAT TAKEAWAY.COM N.V.
AMAG AMAG AUSTRIA METALL AG
PRX PROSUS N.V. CLASS N
SYENS SYENSQO
HAVAS HAVAS N.V
- Manuel Martin
- CEFA
- CREA
- Fabian Semon
- Michael B. Schäfer
- Lynn Hautekeete
Basic-Fit Strategy shift: giving up growth for FCF
Basic-Fit reports FY24 results below our expectations. The underlying EBITDA less rent came in at EUR 312.9m vs EUR 319.7m KBCSe. The difference comes from higher employee expenses driven by more 24/7 openings in France in 2H24. On a net results basis the expectations were not met due to 10% higher financing costs. Both the expansion and maintenance capex per club are higher than initially guided. The higher maintenance capex impacted the FCF per share at EUR 2.36 vs EUR 2.60-2.95 guided (EUR 2....
- Manuel Martin
- CEFA
- CREA
- ING Helpdesk
Benelux Morning Notes
Ageas: Final stages in race for bidders on ESURE (UK). Agfa-Gevaert: A strong end to the year, driven by Healthcare. Basic-Fit: FY24 broadly in line; outlook FY25 below due to more aggressive 24/7 roll-out. GBL: Preview of upcoming FY24 results. Staffing: Manpower Employment Outlook Survey 2Q25; positive but stable trend vs 1Q25
- Andreas Riemann
- Wim Gille
- Guy Sips
- Jacob Mekhael
- Lynn Hautekeete
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Fehmi Ben Naamane
- Fehmi Ben Naamane
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