Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Profine, Vallourec, Tullow Oil, Polynt, Mehilainen, Altice International, Multiversity, Kantar, Odido, Fedrigoni, Kiloutou, Progroup, Stena AB, Picard, Loewen Play, Biofarma, Grunenthal, Sammontana Italia, Allwyn (formerly Sazka), Pfleiderer, Scan Global Logistics, Forvia (formerly Faurecia)

Waberer’s - Solid Results Bolster Confidence In FY Guidance

Waberer’s reported Q3/25 earnings today, once again delivering strong results. Quarterly EBIT came in at EUR 12.4mn (+23% YoY) on record quarterly revenues of EUR 205.4mn (+7.8%YoY). Logistics delivered a strong increase in EBIT on lower revenues, coming in at EUR 5.5mn (+53.4%YoY). Insurance EBIT came in at EUR 6.9mn, +6.3% higher than a year ago. The rapid efficiency improvement coming from the Posta Biztosítók acquisition helped deliver solid results, however, the higher-than-expected co...

Europe HY Trade Book - Building Materials - Lucror Analytics

The Europe HY Trade Book - Building Materials includes current trade recommendations drawn from our European HY building-materials coverage universe, along with relative-value scatter plots and a peer table. 

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: European Entertainment Group, SPIE, Pfleiderer, Altice France (SFR), Forvia (formerly Faurecia), Ineos, Sammontana Italia, Ineos Quattro, Biogroup, Cerba, Ithaca Energy

Record quarterly EBIT, improving operations

Summary: Waberer’s reported strong Q2/25 results today. The company posted record quarterly EBIT of EUR 18mn (+68% YoY) on consolidated revenues of EUR 203mn (+7.2%YoY). Logistics saw a slight decrease compared to the base period, with EBIT decreasing by EUR 0.4mn to EUR 7.1mn in the second quarter. Logistics revenues also fell, due to the lower fleet size of LINK. The Insurance segment continues to drive growth, with Q2 segment EBIT reaching EUR 11mn. Growth was mainly driven by the Posta ...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Loxam, Atalian, Progroup, Techem, Fedrigoni, Tele Columbus, Odido, EVOCA, Pfleiderer, Victoria, Mehilainen, Biofarma, Cerba, Picard, Scan Global Logistics, Odigeo, Lecta, Stena AB

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: TK Elevator, Pfleiderer, Ithaca Energy

PKP Cargo S.A.: 2 directors

A director at PKP Cargo S.A. bought 1,016 shares at 15.940PLN and the significance rating of the trade was 50/100. 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...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Boparan, Pfleiderer, Alain Afflelou, Novelis, Bombardier, Altice France (SFR), Vedanta Resources, Softbank Group, Tereos, Air Baltic, Benteler International, Tullow Oil

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: PeopleCert, Profine, Pfleiderer, Multiversity, Flos B&B Italia (formerly International Design Group), Omnia Technologies, Biofarma, Crown Holdings, Mooney (formerly SisalPay), Pasubio, Standard Profil, AMS Osram, Novelis

Repricing on the horizon, catalysts in motion

Following the strategic update and the latest results, we update our forecasts on Waberer’s. Logistics may begin to normalize and continue to deliver sustainable profitability, while the Insurance segment will drive growth in the coming quarters. Waberer’s remained unreasonably cheap despite being able to complete recent acquisitions with compelling valuation. These companies will likely enhance profitability, contributing more than EUR 10mn+ at EBIT level in 2025. Based on these key drivers, ...

Europe HY Trade Book - May 2025 - Lucror Analytics

The Europe HY Trade Book for May 2025 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. We also discuss the US tariff situation and key related impacts.

Pfleiderer - Earnings Flash - FY 2024 Results - Lucror Analytics

Pfleiderer has released poor FY 2024 results, with net leverage increasing 4.0x y-o-y to 9.1x. Positively, the numbers (excluding electricity hedging) improved slightly in Q4 as the business started stabilising, albeit at low levels. Looking ahead, we anticipate a gradual recovery, supported by cost-saving initiatives and a (slow) market recovery. We maintain our "Buy" recommendation for investors with a high degree of risk tolerance.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Assemblin, Boels, Techem, Pfleiderer, Maxeda, Hapag-Lloyd, Best Secret (Schustermann & Borenstein), Bombardier, TUI, Air France-KLM, Rekeep

Pfleiderer - 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: AMS Osram, Nexans, Lowell, Aston Martin, Constellium, Pfleiderer, Loewen Play, Pasubio, Motel One, Synthomer, Ineos Quattro, Air France-KLM, Tele Columbus, Selecta, Progroup, SIG plc, Modulaire, Hapag-Lloyd, Adler Pelzer, International Personal Finance, Stena AB, Standard Profil, Bombardier, Ontex, Vedanta Resources, Cirsa

Guidance beat, trends remain unchanged in Q4

Key message: Waberer’s reported a consolidated EBIT for 2024 of EUR 45.0mn, which translates into a 5% increase compared to 2023. As a result, the management delivered its full-year EBIT guidance of EUR 40mn+. The report lacked forward looking statements but Waberer’s will hold an Investor Day on Friday.

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 ...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Loewen Play, Pfleiderer, Telecom Italia, Alain Afflelou, Maxeda, Forgital, Vallourec, Intrum, Vedanta Resources, Softbank Group, Cheplapharm

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.