Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Arxada, Novafives, McLaren, House of HR, Ahlstrom, Stada, Ineos Quattro, Vedanta Resources, Ineos

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Altice International, EVOCA, Recordati, International Personal Finance, Stada, Victoria, Intrum, Nexans

Stada - ESG Report - Lucror Analytics

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Kantar, Neopharmed, Bombardier, Hapag-Lloyd, CEMEX, Stada, Tullow Oil

European High Yield Investment Outlook 2025 - Lucror Analytics

In this publication, we review the past year and discuss our outlook for the next 12 months. We begin our discussion with the macro factors at play, including GDP forecasts, the geopolitical landscape and our expectations for cost inflation. We also trace the development of primary markets in the European HY space, and give our view on defaults in general as well as for our coverage universe. We then discuss sector trends and expectations, along with earnings development for companies under our ...

Stada Arzneimittel : Call risk in light of apparent IPO scenario; bett...

Stada Arzneimittel AG (Stada) owners Bain and Cinven are in the process of IPOing Stada instead of seeking a sale to Private Equity. The talks with US Private Equity firm GTCR became more difficult over the last months as the parties have reportedly different valuation targets. Since then, the owners have invited some investment banks to pursue an IPO plan in the dual track process. In January 2025 it was reported that former Bayer manager and current Novo Nordisk board member Andreas Fibig woul...

Stada Arzneimittel : Call risk in light of apparent IPO scenario; bett...

Stada Arzneimittel AG (Stada) owners Bain and Cinven are in the process of IPOing Stada instead of seeking a sale to Private Equity. The talks with US Private Equity firm GTCR became more difficult over the last months as the parties have reportedly different valuation targets. Since then, the owners have invited some investment banks to pursue an IPO plan in the dual track process. In January 2025 it was reported that former Bayer manager and current Novo Nordisk board member Andreas Fibig woul...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: TGS ASA, SIG plc, Stada, Kiloutou, Hapag-Lloyd, Oriflame

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Huhtamaki, Vallourec, Novelis, Victoria, Odido, Kiloutou, Intrum, Stada, Tata Motors, Ardagh, Mahle, Polynt, Clarios, Tereos, Lottomatica (formerly Gamenet)

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Altice France (SFR), Virgin Media O2, Stada, TUI

Europe HY Trade Book - December 2024 - Lucror Analytics

The Europe HY Trade Book for December 2024 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Neopharmed, Stada, Itelyum Group, Loxam, Atalian, Kiloutou, Lowell, Progroup, CBR Fashion, United Group, Sunrise, Polynt, Profine, Hurtigruten, Arrow Global, Cheplapharm, Tullow Oil, Nexi, Biofarma, Ineos, Ineos Quattro, Merlin Entertainments, Travelodge

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Nexans, Recordati, TeamSystem, Stada, CMA CGM, Nexi, Vedanta Resources, Fedrigoni, Modulaire, TI Fluid Systems, Iceland Foods, United Group, Standard Profil, Selecta, Italmatch Chemicals

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: SPIE, Teva, Digi Communications, Altice France (SFR), Telenet, Sunrise, Air France-KLM, Axactor, Victoria, Ineos, Stada, Oriflame, Casino Guichard-Perrachon, Boparan, Synthomer, NewDay

Stada Arzneimittel : We are initiating coverage with Buy recommendatio...

STADA priced its new senior secured notes: - EUR 650m Long 5NC1.5 Fixed (Feb. 21, 2030); 5.625% (IPT: low 6%s). - EUR 600m 6NC1 FRN (Oct. 23, 2030); 3M EURIBOR+375bp (IPT: 3M EURIBOR+400-425bp). - We decided to include STADA in our full coverage and adopt the following credit opinion and recommendations. - Credit Opinion - Our credit opinion is stable. STADA is a robust asset during uncertain times, which achieved strong organic/inorganic growth and constant margin improvement over the la...

Stada Arzneimittel : We are initiating coverage with Buy recommendatio...

STADA priced its new senior secured notes: - EUR 650m Long 5NC1.5 Fixed (Feb. 21, 2030); 5.625% (IPT: low 6%s). - EUR 600m 6NC1 FRN (Oct. 23, 2030); 3M EURIBOR+375bp (IPT: 3M EURIBOR+400-425bp). - We decided to include STADA in our full coverage and adopt the following credit opinion and recommendations. - Credit Opinion - Our credit opinion is stable. STADA is a robust asset during uncertain times, which achieved strong organic/inorganic growth and constant margin improvement over the la...

Stada Arzneimittel : Focus Emission

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Stada Arzneimittel : Issuance Focus

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Stada Arzneimittel : Russian headache

Stada's spreads surged from end-February onwards in the wake of Russia's invasion of Ukraine. They have eased somewhat since March as Stada released solid FY and Q1 numbers but remain well above healthcare peers. We believe the risks associated with Russia are now well priced in. Given the nature of its activity and a decent degree of insulation, the Russian business is somewhat defensive, ensuring that it should continue to post positive numbers. Also, a worst-case scenario of a...

Stada Arzneimittel : Russian headache

Stada's spreads surged from end-February onwards in the wake of Russia's invasion of Ukraine. They have eased somewhat since March as Stada released solid FY and Q1 numbers but remain well above healthcare peers. We believe the risks associated with Russia are now well priced in. Given the nature of its activity and a decent degree of insulation, the Russian business is somewhat defensive, ensuring that it should continue to post positive numbers. Also, a worst-case scenario of a...