Iliad Holding plans to issue new bonds to fund the investment in Tele2 and a tender on Iliad Holding 2026 notesIsabel Marant: well preserved liquidity but further deep fall in the wholesale order bookVerisure markets new bonds with two special covenants linked to a potential IPOBUT/Mobilux: new bond offering with the inclusion of Conforama into the scope>...
Isabel Marant : liquidité supérieure aux attentes mais nouvelle chute du carnet de commandesBUT/Mobilux : Nouvelle émission obligataire avec intégration de Conforama dans le périmètreIliad Holding compte émettre des de nouvelles obligations pour financer l’investissement dans Tele2 et un tender sur la souche Iliad Holding 2026Verisure commercialise des nouvelles obligations avec deux covenants spéciaux liés à une potentielle IPO>...
Atos: weak Q1 2024 results, need for fresh funds has already increasedVerisure launches a new term loan; new bonds to followVerallia: Q1 2024 logically weak but the recovery in demand is confirmedAngloAmerican Plc: Takeover offer from BHP Group for the entire share capital>...
Atos : faibles résultats au T1 2024, les besoins de nouveaux fonds a augmentéVerisure lance un nouveau term loan ; des nouvelles obligations suivrontVerallia : T1 2024 logiquement faible mais la reprise de la demande se confirmeAngloAmerican PLC : Offre de rachat sur la totalité du capital par BHP>...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
We are downgrading our recommendation on Vidrala to Underperform from Neutral and set our target price at € 96 (+4% vs previous € 92, DCF: 8.4x implied EV/EBITDA 2024e vs historical average of 9.2x and 6.1x of peer group). While the group will be able to outgrow the industry thanks to the consolidation of Vidroporto in Brazil (16% of the group’s EBITDA) and despite the divestment in Italy (8% of 2023 EBITDA), we believe its organic earnings profile will slightly deteriorate considerin...
>2023, une année d’exception … - Les commentaires sur les résultats annuels sont disponibles dans le flash du 15/03 (« Prévoir un peu et recevoir beaucoup »). Nous retenons de la conférence téléphonique des marchés toujours bien orientés (surfant sur le boom des infrastructures), une amélioration des marges grâce à un meilleur profil de risque, l’innovation/ programme de réduction de coûts et une potentielle optimisation du portefeuille de concessions.A r...
>2023: an exceptional year - Our comments on the group’s full-year results are available in the flash of 15 March (Expecting a little, receiving a lot). Our key takeaways from the conference call are as follows: solid markets (riding the infrastructure wave), margin improvement thanks to a better risk profile, innovation/cost cutting programme and potential for optimisation in the concession portfolio.Key takeaways from the conference call - The group...
Elis: new bond issue maturing in 2030Ageas: BNP is said to weigh purchase of Fosun’s Ageas stakeVodafone reaches an agreement to sell Vodafone Italy to Swisscom for € 2bn in cashTHOM: resilient Q1 results without any major surprise after the figures released as part of the issuance.>...
After a terrible start to the year with the fall in gas prices and interest rate pressures, utilities have staged a slight recovery since the second half of February thanks to an uptick in electricity prices and slight decline in long rates. The most recent US macro figures support our scenario of higher long rates in the coming months, stymieing a sector recovery. A recovery will have to wait for a hypothetical collapse in consumer spending in Europe and the first policy rate cuts by...
Elis : émission d’une nouvelle obligation à échéance 2030Ageas : BNP considérerait la reprise de la participation de 10% de Fosun au capital d’AgeasVodafone annonce un accord de cession de Vodafone Italie à Swisscom pour 8 mds EUR en cashTHOM : des résultats T1 résilients mais sans surprise après les chiffres communiqués dans le cadre de l’émission>...
Après un début d’année horribilis avec la chute des prix du gaz et les tensions sur les taux, les Utilities ont marqué un léger rebond depuis la deuxième moitié de février grâce à un rebond des prix de l’électricité et un léger reflux des taux longs. Les derniers chiffres macro US soutiennent notre scénario de taux longs plus hauts dans les mois qui viennent, empêchant le rebond du secteur. Celui-ci devra attendre un hypothétique effondrement de la consommation en Europe et les premiè...
>Résultats bien supérieurs aux attentes, net cash record - WeBuild a publié un chiffre d’affaires ajusté en hausse de 22% à 10 Md€ (vs 8.2 Md€ en 2022), supérieur aux attentes de la place (9.3 Md€) et à nos attentes (9.8 Md€). Le groupe a bénéficié d’une activité dynamique, en Italie (grâce aux projets dans le cadre du PNRR) et à l’étranger comme en Australie (notamment grâce à l’intégration de Clough) et au Moyen-Orient (Arabie Saoudite). L’EBITDA ressort à 819 ...
>Earnings far above forecasts, record net cash - WeBuild reported revenues up 22% at € 10bn (vs € 8.2bn in 2022), above market forecasts (€ 9.3bn) and our forecasts (€ 9.8bn). The group benefited from brisk business in Italy (thanks to projects in the framework of the Italian national stimulus and resilience plan PNRR) and abroad like in Australia (notably thanks to the integration of Clough) and the Middle East (Saudi Arabia). EBITDA came to € 819m, far above gu...
Webuild is set to post yet another set of strong of results for FY 23 after the company stated that it expects to exceed its guidance. A strong order book, with continued robust short-term commercial activity, gives good revenue visibility for at least the next 2 years. However, main challenges relate to the execution rather than to the acquisition of new projects. - >Support Factors - - Webuild enjoys a good position in the construction industry being the leader in...
Webuild is set to post yet another set of strong of results for FY 23 after the company stated that it expects to exceed its guidance. A strong order book, with continued robust short-term commercial activity, gives good revenue visibility for at least the next 2 years. However, main challenges relate to the execution rather than to the acquisition of new projects. - >Facteurs de soutien - - Webuild enjoys a good position in the construction industry being the leade...
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