reports
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Marina Le Blanc
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/Italian utilities: ambitious strategy plan...
Terna (TRNIM)'s management provided investors and analysts with an update of the company's strategic plan for the period 2018 – 2022 as well as financial performance for 2017 and guidance for 2018. 2017 revenue grew 7% to €2,248m and EBITDA 4% to €1,603m. The expansion is due to a growing regulated asset base with past investments. We also calculated funds from operations slightly stronger at €1,187m compared with €1,135m in 2016. Based on the 9M17 balance sheet data (not enough detail...
- Nadège Tillier
Terna/2017 results and strategic plan/STABLE
Terna's management provided investors and analysts with an update of the company's strategic plan for the period 2018 – 2022 as well as financial performance for 2017 and guidance for 2018. Terna's Italian transmission activities confirmed a growth in electricity consumption in 2017 of +2% vs 2016. The months of January and February 2018 point to another strong increase of around 4%. 2017 revenue grew 7% to €2,248m and EBITDA 4% to €1,603m. The expansion is due to a growing regulated asset...
- Jasmine Lin
Steinhoff (SNH) ; Price Discovery - How we value Steinhoff
Summary In the wake of the developments at Steinhoff (SNH), shareholders have found it difficult to assess the fair value of SNH. The FY17 financials are still outstanding, and prior year financials are also under review. Without reliable financial information and increasing risk of litigation, investors have found it challenging to assign a value to the share with some degree of comfort. The consequence of this breakdown in the market price discovery mechanism is share price movements that are...
Steinhoff : Focus Emission
Steinhoff intends to issue a euro-denominated benchmark (= EUR 500m) senior unsecured inaugural straight bond with a maturity between 6 and 9 years. The issuer is Steinhoff Europe AG and the bonds will be guaranteed by Steinhoff International Holdings NV (rated Baa3 by Moody’s). The guarantee will be pari passu with the guarantor's senior unsecured debts.The management said that it expects the straight bonds to have the same rating as the guarantor. It is also currently thinking about applyin...
Steinhoff : Focus Emission
Steinhoff intends to issue a euro-denominated benchmark (= EUR 500m) senior unsecured inaugural straight bond with a maturity between 6 and 9 years. The issuer is Steinhoff Europe AG and the bonds will be guaranteed by Steinhoff International Holdings NV (rated Baa3 by Moody’s). The guarantee will be pari passu with the guarantor's senior unsecured debts.The management said that it expects the straight bonds to have the same rating as the guarantor. It is also currently thinking about applyin...
- MarketLine Department
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