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Maxime Stranart
  • Maxime Stranart

Ontex/Another year of heavy restructuring ahead/HOLD (Change in primar...

We downgrade Ontex from Buy to HOLD and cut our target price from €13.83 to €8.2 following a change in primary analyst. We expect 2025 to be another year of heavy restructuring, leading to peak capex which is required, in our view, to modernise its industrial footprint and enable it to compete profitably on larger contracts going forwards. We see this limiting Ontex's organic growth in the short term to 2.7% in FY25F, despite capex on sales of c.6%. Although €115m in divestment proceeds is expec...

Hilde Van Boxstael ... (+5)
  • Hilde Van Boxstael
  • Thibault Leneeuw
  • Thomas Couvreur
  • Thomas Vranken
  • Wim Hoste
Felix Fischer ... (+6)
  • Felix Fischer
  • Haidje Rustau
  • Peter Low
  • Si Yong Ng
  • Tanvi Arora
  • Trung Nguyen

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Almaviva, Iliad, Ontex, Techem, Softbank Group, Sammontana Italia, Maxam Prill, Modulaire

 PRESS RELEASE

Ontex Group NV announces the redemption of the outstanding 3.500% seni...

Ontex Group NV announces the redemption of the outstanding 3.500% senior notes due 2026 Regulated information Aalst, Belgium, June 26, 2025 – Ontex Group NV (the “Issuer”) is pleased to announce that, pursuant to an unconditional notice of redemption dated June 26, 2025, it has notified the holders of the 3.500% Senior Notes due 2026 (ISIN: BE6329443962) (the “Notes”), that it will redeem all of its remaining outstanding Notes, plus accrued and unpaid interest and additional amounts, if any, on July 15, 2025. Following the cash tender offer launched in March and concluded in April 2026, wh...

 PRESS RELEASE

Ontex Group NV kondigt de aflossing aan van diens uitstaande 3,500% se...

Ontex Group NV kondigt de aflossing aan van diens uitstaande 3,500% senior obligaties met vervaldag in 2026 Gereglementeerde informatie Aalst, België, 26 juni 2025 – Ontex Group NV (de “Emittent”) is verheugd aan te kondigen dat, overeenkomstig een onvoorwaardelijke kennisgeving van aflossing gedateerd 26 juni 2025, het de houders van de 3,500% Senior Notes met vervaldatum in 2026 (ISIN: BE6329443962) (de “Notes”) heeft geïnformeerd dat het al zijn resterende uitstaande Notes zal aflossen op 15 juli 2025, inclusief opgebouwde en onbetaalde rente en bijkomende bedragen, indien van toepassin...

Olfa Taamallah ... (+3)
  • Olfa Taamallah
  • Roy Külter
  • Yan Derocles
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
TKA THYSSENKRUPP AG
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
CA CARREFOUR SA
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MTX MTU AERO ENGINES AG
ACN ACCENTURE PLC CLASS A
HO THALES SA
SSAB A SSAB AB CLASS A
RXL REXEL SA
INF INFOTEL SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
SWP SWORD GROUP SE
AUB AUBAY SA
FII LISI SA
GOE GROUPE GORGE SA
ATE ALTEN SA
VOE VOESTALPINE AG
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
ERA ERAMET SA
CAP CAPGEMINI SE
BA. BAE SYSTEMS PLC
COFB COFINIMMO SA
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
ANA ACCIONA SA
HM B H&M HENNES & MAURITZ AB CLASS B
COK CANCOM SE
VASTB VASTNED RETAIL BELGIUM NV
BC8 BECHTLE AG
ADN1 ADESSO AG
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
FACC FACC AG
IDR INDRA SISTEMAS S.A. CLASS A
RIO RIO TINTO PLC
LDO LEONARDO SPA
ECONT ECONOCOM GROUP SE CLASS D
BHP BHP GROUP LTD
REY REPLY S.P.A.
AMAG AMAG AUSTRIA METALL AG
NSI NSI N.V.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
HAG HENSOLDT AG
WDP WAREHOUSES DE PAUW SCA
NA9 NAGARRO
AERO MONTANA AEROSPACE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
AM DASSAULT AVIATION
CTPNV CTP NV
SHEL SHELL PLC
IOS IONOS GROUP SE
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
ATO ATOS SE
AAL ANGLO AMERICAN PLC
Olfa Taamallah ... (+3)
  • Olfa Taamallah
  • Roy Külter
  • Yan Derocles
Olfa Taamallah ... (+3)
  • Olfa Taamallah
  • Roy Külter
  • Yan Derocles
VIE VEOLIA ENVIRONNEMENT SA
EDEN EDENRED SA
TKA THYSSENKRUPP AG
RR. ROLLS-ROYCE HOLDINGS PLC
MT ARCELORMITTAL SA
CA CARREFOUR SA
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
MTX MTU AERO ENGINES AG
ACN ACCENTURE PLC CLASS A
HO THALES SA
SSAB A SSAB AB CLASS A
RXL REXEL SA
INF INFOTEL SA
FGA FIGEAC AERO SA
RHM RHEINMETALL AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
SWP SWORD GROUP SE
AUB AUBAY SA
FII LISI SA
GOE GROUPE GORGE SA
ATE ALTEN SA
VOE VOESTALPINE AG
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
SAF SAFRAN S.A.
HEI HEIDELBERGCEMENT AG
AIR AIRBUS SE
ERA ERAMET SA
CAP CAPGEMINI SE
BA. BAE SYSTEMS PLC
COFB COFINIMMO SA
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
TIETO TIETOEVRY OYJ
NDA AURUBIS AG
ANA ACCIONA SA
HM B H&M HENNES & MAURITZ AB CLASS B
COK CANCOM SE
VASTB VASTNED RETAIL BELGIUM NV
BC8 BECHTLE AG
ADN1 ADESSO AG
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
FACC FACC AG
IDR INDRA SISTEMAS S.A. CLASS A
RIO RIO TINTO PLC
LDO LEONARDO SPA
ECONT ECONOCOM GROUP SE CLASS D
BHP BHP GROUP LTD
REY REPLY S.P.A.
AMAG AMAG AUSTRIA METALL AG
NSI NSI N.V.
AEIN ALLGEIER HOLDING AG
WAVE WAVESTONE SA
PRX PROSUS N.V. CLASS N
HAG HENSOLDT AG
WDP WAREHOUSES DE PAUW SCA
NA9 NAGARRO
AERO MONTANA AEROSPACE AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
AM DASSAULT AVIATION
CTPNV CTP NV
SHEL SHELL PLC
IOS IONOS GROUP SE
LAT LATECOERE
R3NK RENK GROUP AG
EXENS EXOSENS
ATO ATOS SE
AAL ANGLO AMERICAN PLC
Olfa Taamallah ... (+3)
  • Olfa Taamallah
  • Roy Külter
  • Yan Derocles
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