Morning Crédit 20/05/2024

Moody’s relève le rating d’Ontex à B2 Atos : les créanciers obligataires rejettent l’offre de Daniel Kretinsky (La Tribune)>...

Credit Morning 05/20/2024

Moody’s upgrades Ontex to B2Atos: bondholders reject Daniel Kretinsky’s offer (La Tribune)>...

ODDO BHF Small & MIDCAP MORNING NEWS - 05/17/2024

Growth momentum remains solid, and the publication of Q1 sales bodes well for the future (12.5% organic growth, including 27% for Aerospace). Margins are set to pick up in 2024 (by an estimated 110bp), with the underlying operating profit expected to jump 33%. With good visibility for Aerospace, medium-term potential for Automotive and profitable growth for Medical, we estimate the potential for margin improvement at no less than 500bp in the medium term. We are raising our underlying...

ODDO BHF Small & MIDCAP MORNING NEWS - 17/05/2024

La dynamique de croissance reste solide et la publication du CA T1 est de bon augure (croissance organique de 12.5% dont 27% pour l’Aerospace). 2024 devrait voir un redressement des marges (+110 pb estimés) pour un ROC attendu en hausse de 33%. A l’appui d’une bonne visibilité pour l’aéronautique, d’un potentiel MT pour l’automobile et d’une croissance profitable pour le Médical, nous estimons le potentiel d’amélioration des marges à au moins 500 pb à MT. Nous relevons nos estimations...

Nexans : Feedback from Sustainability Forum: responding to strategic c...

>Focus on innovation and R&D - The group addresses markets with strong growth momentum. The G&T market is driven by the development of renewable energies and the need to operate interconnections to offset the intermittent nature of renewable energies. The D&U sector is also extremely buoyant, with the need to renew sometimes obsolete networks (over 50 years old, while the lifespan of a cable is estimated at 30 years) and the development of new cables driven by stricte...

Inmobiliaria Colonial : CriteriaCaixa, a fine opportunity to embark on...

>CriteriaCaixa to acquire a stake, with a cash transfer of € 350m and € 272m in assets - Colonial yesterday announced the signature of an agreement with CriteriaCaixa whereby the Spanish financial holding group will become a new shareholder with c. 17% of the capital through a dedicated capital increase of € 622m and with the issuance of 87 729 050 new shares at a unit price of € 7.1 per share (i.e. a premium of 15% to the price on 15 May). Criteria is to subscribe to...

Nexans : Feedback Forum Sustainability. Comment répondre à des enjeux ...

>Focus sur l’innovation et la R&D - Le groupe adresse des marchés qui présentent une forte dynamique de croissance. Le marché G&T est porté par le développement des énergies renouvelables et la nécessité d’opérer des interconnexions pour palier l’intermittence des EnR. Le secteur D&U est également extrêmement porteur avec la nécessité de renouveler les réseaux parfois vétustes (les réseaux ont plus de 50 ans alors que la durée de vie d’un câble est estimée à 30 ans) e...

Inmobiliaria Colonial : CriteriaCaixa, une belle opportunité pour se l...

>CriteriaCaixa entre au capital avec un apport de 350 M€ en cash et 272 M€ en actifs - Colonial a annoncé hier soir la signature d’un accord avec CriteriaCaixa dans lequel la holding financière espagnole va devenir un nouvel actionnaire de la société avec c. 17% du capital via une augmentation de capital dédiée de 622 M€ et qui va engendrer l’émission de 87 729 050 nouvelles actions à un prix unitaire de 7.1 € (i.e. prime de 15% vs cours du 15 mai). Criteria va souscr...

INVEST SECURITIES - COVIVIO : Les actionnaires n'apporteront pas leurs...

ODDO BHF Small & MIDCAP MORNING NEWS - 05/14/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 14/05/2024

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Inmobiliaria Colonial : Q1 2024 – good start to the year with a better...

>Organic rental revenue growth of +6.3% y-o-y in Q1 2024 - Colonial started the year with a solid operating performance in Q1 24 with EPRA EPS of € 8.7 (+25% y-o-y) including rental revenue growth of +6.2% on current scope, driven by very strong operating momentum in Paris, as we detailed a few days ago in our flash on SFL (click here):Rental revenue growth on constant scope came to +6.3% in line with the best office REITs. This includes indexation of +3.2%, a va...

Inmobiliaria Colonial : T1 2024 – Bon début d’année avec une performan...

>Croissance organique des revenus locatifs à +6.3% yoy sur le T1 2024 - Colonial commence l’année avec une solide performance opérationnelle sur le T1 24 avec un BPA EPRA à 8.7 € (+25% yoy) qui inclut notamment une croissance des revenus locatifs de 6.2% à périmètre courant portée surtout par une très forte dynamique opérationnelle sur Paris comme nous l’avions détaillé il y a quelques jours dans notre flash sur SFL (cliquer ici) :La croissance à périmètre consta...

Ontex Group NV: 1 director

A director at Ontex Group NV bought 8,000 shares at 9.140EUR and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...

Credit Morning 05/06/2024

Eutelsat is considering options for its ground networkAtos has received four financial restructuring proposals>...

Morning Crédit 06/05/2024

Eutelsat étudie des options pour son réseau de stations terrestresAtos a reçu quatre propositions de restructuration financière>...

Gecina/Spreads still look too tight despite widening

Gecina (GFCFP) is a solid low-A office-focused credit. Fundamentals weakened slightly during 2023, and the LTV ticked up on relatively large valuation declines which may continue further in 2024, albeit this will likely remain manageable for ratings. The outlook for the Office market in France remains mixed, but we think that any weakness will be offset by good disposal progress and stable credit metrics, as shown in 1Q24. We remain comfortable with the name and think that it should trade at ti...

Ontex Conference call feedback

Below are the highlights from the conference call. Ontex posted stronger than expected 1Q results, with 4% LFL revenue growth and adjusted EBITDA that increased by 30% y/y, beating our and consensus forecasts by respectively 9% and 8%. FY guidance of an adjusted EBITDA range of 11-12% is maintained, with 1Q margin already firmly within the range (11.5%). The balance sheet is gradually strengthening with net debt/EBITDA down 0.5x sequentially to 2.8x. On the back of the much improved earnings mom...