reports
- Russell Waller
European Telecoms High Yield review Setting out our key preferences
We published our Global High Yield Quarterly this week – HERE. For a European perspective, we provide a summary of our thoughts and ideas on the European HY issuers in this piece, which takes excerpts from the Global HYQ and adds to it, including asset cover and a summary of our most preferred and least preferred names.
Holding(s) in Company
easyJet plc (EZJ) Holding(s) in Company 09-May-2024 / 13:00 GMT/BST TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB00B7KR2P84 Issuer Name EASYJET PLC UK or Non-UK Issuer UK 2. Reason for Notification An acquisition or disposal of voting rights 3. Details of person subject to the notification obligation Name Bank of America Corporation City of registered office (if applicable) Country of registered office (if applicable) US 4. Details of the shareholder Full name of shareholder(...
- Delphine Brault
- Quentin Borie
Alstom : 1 Md€ d’augmentation de capital et 750 M€ de dette hybride po...
>Un FCF de 562 M€ au S2, en ligne avec les objectifs - Alstom publie ce matin ses résultats annuels (clôture à fin mars) 2023-24. Les commandes atteignent 19 Md€ (book-to-bill 1.08x), permettant au carnet de commandes d’atteindre les 91.9 Md€. Le chiffre d’affaires progresse de 9.4% en comparable, à 17.6 Md€ et la marge d’EBIT ajusté atteint 5.7% (+50 pb). Ces chiffres sont globalement en ligne avec les attentes. Le résultat net intègre 147 M€ de charges de restr...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Delphine Brault
- Quentin Borie
Alstom : Bientôt un nouveau chapitre, après l’augmentation de capital
>2.4 Md€ de mesures inorganiques pour renforcer le bilan – suffisant selon nous - Comme anticipé, Alstom a détaillé hier comment allaient s’articuler les 2 Md€ de mesures inorganiques : i/ 700 M€ de cash provenant des cessions (TMH et signalisation conventionnelle), ii/ 1 Md€ d’augmentation de capital, avec droits préférentiels de souscription. CDPQ et BPI, qui détiennent respectivement 17.4% et 7.5% du capital, participeront à l’opération, et iii/ l’émission d’une de...
- Delphine Brault
- Quentin Borie
Alstom : New chapter starting, after the capital increase
>€ 2.4bn in inorganic measures to bolster the balance sheet – should be enough in our view - As expected, Alstom yesterday detailed how the € 2bn of inorganic measures would be structured: i/ € 700m of cash from disposals (TMH and conventional signalling), ii/ a € 1bn capital increase, with preferential subscription rights. CDPQ and BPI, which hold 17.4% and 7.5% of the capital respectively, will take part in the operation, and iii/ the issue of hybrid debt for € 750m...
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
BMW BAYERISCHE MOTOREN WERKE AG
G1A GEA GROUP AG
PUM PUMA SE
AFX CARL ZEISS MEDITEC AG
UTDI UNITED INTERNET AG
ALO ALSTOM SA
ELE ENDESA S.A.
GEBN GEBERIT AG
RWE RWE AG
FRE FRESENIUS SE & CO. KGAA
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
RY4C RYANAIR HOLDINGS PLC
RTLL RTL GROUP S.A.
SIX2 SIXT SE
BC8 BECHTLE AG
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
RACE FERRARI NV
ABI ANHEUSER-BUSCH INBEV SA/NV
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
KBX KNORR-BREMSE AG
CPR DAVIDE CAMPARI-MILANO N.V.
ENR SIEMENS ENERGY AG
UN0 UNIPER SE
- Delphine Brault
- Quentin Borie
Alstom : € 1bn capital increase and € 750m of hybrid debt to bolster t...
>FCF of € 562m in H2, in line with targets - This morning, Alstom published its FY 2023-24 results (year to end-March). Order intake was € 19bn (book-to-bill of 1.08x), enabling backlog of € 91.9bn. Sales were up 9.4% l-f-l, at € 17.6bn and the adjusted EBIT was 5.7% (+50bp). The figures were broadly in line with forecasts. Net profit includes €147m restructuring charges and € 142m of integration costs, as well as € 118m in provisions to cover risk on two project...
Moody's Ratings affirms Alstom's LT issuer rating at Baa3, outlook neg...
Moody's Ratings (Moody's) today affirmed Alstom's (the "issuer") Baa3 long-term issuer rating and Baa3 ratings on the senior unsecured notes, as well as the P-3 short-term commercial paper ratings. The outlook remains negative. "The affirmation of the Baa3 long term issuer rating reflects Alstom's...
ALSTOM SA: Alstom's FY 2023/24 results
ALSTOM SA: Alstom's FY 2023/24 results Alstom FY 2023/24 Free cash flow at €(557) million following strong €562 million Free cash flow generation in the second half on the back of operational turnaround, and €2 billion deleveraging plan ready to be executed. Deleveraging plan now fully defined, Baa3 rating affirmed, and outlook will be changed to stable upon successful closing of the hybrid bond issuance and the rights issue Divestments ca. €700 million already announcedHybrid bond ca. €750 million with 50% Moody’s equity content Rights issue ca. €1 billion, CDPQ and Bpifrance intentio...
ALSTOM SA: Résultats d'Alstom pour l'exercice fiscal 2023/24
ALSTOM SA: Résultats d'Alstom pour l'exercice fiscal 2023/24 Cash-flow libre d’Alstom pour l’exercice fiscal 2023/24 de (557) millions d’euros après une forte génération de cash-flow libre de 562 millions d’euros au second semestre grâce au redressement opérationnel, et plan de désendettement de 2 milliards d’euros prêt à être exécuté. Plan de désendettement désormais défini, Notation « Baa3 » affirmée, la perspective sera changée à « Stable » après l’exécution de l’émission obligataire hybride et de l’augmentation de capital Cessions d’actifs pour environ 700 millions d’euros déjà ...
Groupe Casino - Nombre de droits de vote et d'actions 30-04-2024 / 06-...
Groupe Casino - Nombre de droits de vote et d'actions 30-04-2024 / 06-05-2024 CASINO, GUICHARD-PERRACHON Société anonyme au capital de 395 740 444,29 €Siège social : 1, Cours Antoine Guichard42000 Saint-Etienne554 501 171 R.C.S. Saint-Etienne Informations relatives au nombre total de droits de voteet d’actions composant le capital social (article 223-16 du Règlement Général de l’Autorité des Marchés Financiers) 6 mai 2024 Nombre d’actions composant le capitalNombre total de droits de voteNombre total de droits de vote exerçables en assemblée générale39 574 044 42939 622 240 02039 621 21...
- Carole Braudeau
Credit Morning 05/07/2024
Monte has published a solid Q1 2024 results, above expectationsClariane has received a put option agreement for its HAD/SSIAD activities in FranceZalando: FY targets confirmed following a better-than-expected Q1, plans to buy back up to € 100m of convertible bonds due 2025Banco Sabadell rejects BBVA’s proposal>...
- Carole Braudeau
Morning Crédit 07/05/2024
Monte publie un T1 2024 solide, au-dessus des attentesZalando : objectifs confirmés à l’issue d’un T1 supérieur aux attentes, envisage des rachats d’obligations convertibles 2025 pour 100 m EUR maximumClariane a reçu une offre pour la cession de ses activités HAD/SSIAD en FranceBanco Sabadell rejette la proposition de fusion de BBVA>...
Groupe Casino: FRH and Casino request exemption/extension under Dutch ...
Groupe Casino: FRH and Casino request exemption/extension under Dutch Financial Supervision Act FRH and Casino request exemption/extension under Dutch Financial Supervision Act Paris, 7 May 2024 Casino Guichard-Perrachon S.A. (“Casino”; Euronext Paris: CO; ISIN: FR0000125585) hereby informs as follows: also on behalf of France Retail Holdings S.à r.l. (an entity ultimately controlled by Mr. Daniel Křetínský) (“FRH”), it is hereby announced that FRH and Casino have today jointly submitted a petition to the Enterprise Chamber of the Amsterdam Court of Appeal, the Netherlands, ("Enterprise C...
Holding(s) in Company
easyJet plc (EZJ) Holding(s) in Company 03-May-2024 / 11:15 GMT/BST TR-1: Standard form for notification of major holdings 1. Issuer Details ISIN GB00B7KR2P84 Issuer Name EASYJET PLC UK or Non-UK Issuer UK 2. Reason for Notification An acquisition or disposal of voting rights; An acquisition or disposal of financial instruments 3. Details of person subject to the notification obligation Name Bank of America Corporation City of registered office (if applicable) Country of registered office (if applicable) US 4. Deta...
- Carole Braudeau
- Carole Braudeau
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