reports
Safilo : In Hollandia veritas?
>Initiation of coverage with a Reduce reco. on the 2019 CB - We are initiating the coverage of Safilo with a Negative credit opinion (due to the liquidity issues) and a Reduce recommendation on its 2019 convertible bond. This credit-like CB trades at a ytm of c. 6-7%, i.e. more attractive that all bonds in the “single B†category with a short-term maturity. However, the investment-case is very binary and event-driven (dependent, in our view, on the support of: 1/ Safilo’s reference shareho...
Safilo : In Hollandia veritas?
>Initiation of coverage with a Reduce reco. on the 2019 CB - We are initiating the coverage of Safilo with a Negative credit opinion (due to the liquidity issues) and a Reduce recommendation on its 2019 convertible bond. This credit-like CB trades at a ytm of c. 6-7%, i.e. more attractive that all bonds in the “single B†category with a short-term maturity. However, the investment-case is very binary and event-driven (dependent, in our view, on the support of: 1/ Safilo’s reference shareho...
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