In today's Morning Views publication we comment on developments of the following high yield issuers: Ahlstrom, Huhtamaki, Azelis, MasOrange, Nokia, NewDay, Nemak, Lottomatica (formerly Gamenet), Ineos Quattro, Kem One, Casino Guichard-Perrachon, CEMEX, Versuni (formerly Philips Domestic Appliances), Ardagh Metal Beverage Packaging, Axactor, Ardagh, Oriflame, Cerba, Polynt
Cerba has released its Q3/24 numbers. While the company managed to deliver a much-awaited EBITDA improvement in the quarter, this trend should reverse in Q4, due to an unexpected tariff cut in France in September. In our view, the company appears to be making slow progress on its synergy realisation plans. We believe that the tariff reductions in France have delayed the prospects of a recovery in Cerba's credit metrics in the near term.
In today's Morning Views publication we comment on developments of the following high yield issuers: Engineering Group, PeopleCert, The Very Group, McLaren, Versuni (formerly Philips Domestic Appliances), Eircom, Tele Columbus, Arrow Global, Forgital, Grunenthal, Standard Profil, Ithaca Energy, Cerba, Clarios, NewDay, Alain Afflelou, Intrum, Flos B&B Italia (formerly International Design Group)
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Cerba, France ‘s No. 1 lab testing company, published mixed 2Q17 results. Reported sales stood at €164m, down by 4% yoy, but they were stable when adjusted for number of working days (three less in 2Q17). Reported EBITDA dropped by 6% to €36m, or a 130bps decline in margin to 22%, as acquisitions in new countries - notably Italy and the Middle East - had a dilutive effect.
​Like Synlab and Unilabs earlier this week, Cerba, France’s No.1 clinical test laboratory, reported strong 2Q16 results. The company, which derives 80% of its revenues from France, rode on a buoyant local market. What’s more, the 2015 acquisition of Novescia, which strengthened Cerba’s leadership of the routine segment, seems well digested, allowing it to focus on topline
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