reports
- Peter Low
Sappi - Earnings Flash - Q4 FY 2024-25 Results - Lucror Analytics
Sappi reported weak Q4/24-25 results yesterday, with sales down 5.1% y-o-y and adjusted EBITDA sliding 51% owing to adverse development in price and mix. FCF improved y-o-y, while net leverage rose 0.6x sequentially to 3.8x. Sappi expects Q1/25-26 adjusted EBITDA to be lower q-o-q. Comparables should ease materially after Q1/25-26, and we expect the company to deliver stronger EBITDA in the year, which should support modest deleveraging.
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Trung Nguyen
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Sappi, Banijay, Altice France (SFR), Telecom Italia, Lottomatica (formerly Gamenet), Oriflame, Flora Food Group, Gestamp, Air France-KLM, Nomad Foods (Iglo), Stena AB, Klockner Pentaplast, Bombardier, Encore Capital (formerly Cabot), Novelis, PeopleCert
- Felix Fischer
- Felix Fischer
- Peter Low
- Si Yong Ng
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Trung Nguyen
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Felix Fischer
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.
SCHP SECHE ENVIRONNEMENT
PFD PREMIER FOODS PLC
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
VK VALLOUREC SA
TLW TULLOW OIL PLC
EO FAURECIA SA
105I SAPPI LIMITED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
CSTM CONSTELLIUM SE CLASS A
CCK CROWN HOLDINGS INC.
RXL REXEL SA
DBG DERICHEBOURG SA
725180 STADA ARZNEIMITTEL AG
NOKIA NOKIA OYJ
TNET TELENET GROUP HOLDING NV
TUI1 TUI AG
NEX NEXANS SA
VED VEDANTA RESOURCES PLC
VCP VICTORIA PLC
AF AIR FRANCE-KLM SA
BBD.B BOMBARDIER INC. CLASS B
SYNT SYNTHOMER PLC
INTRUM INTRUM AB
888 888 HOLDINGS PLC
IPF INTERNATIONAL PERSONAL FINANCE PLC
ENQ ENQUEST PLC
EDR EDREAMS ODIGEO SA
TC1 TELE COLUMBUS AG
9984 SOFTBANK GROUP CORP.
103M SASOL LIMITED
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
PL8 PLAYTECH PLC
ARW ARROW GLOBAL GROUP PLC
NEMAKA NEMAK S.A.B. DE C.V.
SPIE SPIE SA
CEXA CEMEX SAB DE CV (ADR)
ARD ARDAGH GROUP S.A. CLASS A
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
CDR CODERE S.A.
GAME GAMENET GROUP SPA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
AXA AXACTOR SE
BORR SECURITAS DIRECT AB CL B
BORR DRILLING LTD
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Ian Wong
- Peter Low
- Si Yong Ng
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: SPIE, Air France-KLM, TAP, Advanz Pharma, Progroup, The Very Group, Best Secret (Schustermann & Borenstein), TK Elevator, Sappi, Lottomatica (formerly Gamenet), Nobian, CMA CGM
- Peter Low
Sappi - Event Flash - EUR 300 Mn 7NC3 SLB Offering - Lucror Analytics
Sappi is out in the market with a EUR 300 mn 7NC3 sustainability-linked bond offering. Proceeds from the offering will be used to repay EUR 240 mn of bonds due 2026, place USD 52 mn of cash on balance sheet and pay transaction fees. The transaction should be broadly leverage neutral, with reported gross leverage of 2.3x and reported net leverage of 1.9x. We view the proposed transaction favourably, as it will lengthen the debt maturity profile. However, interest costs will likely increase as...
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Felix Fischer
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Aston Martin, Voyage Care, International Personal Finance, Altice France (SFR), Telecom Italia, Digi Communications, Sunrise, Techem, Sappi, David Lloyd Leisure, TAP, Nexi, Ardagh, Encore Capital (formerly Cabot), Victoria
- Peter Low
Sappi - Earnings Flash - Q1 FY 2024-25 Results - Lucror Analytics
Sappi has reported solid Q1/24-25 numbers, with sales rising 7.2% y-o-y and adjusted EBITDA surging 56% thanks to higher volumes, favourable prices and mix, as well as lower costs. While FCF deteriorated and remained negative, net leverage improved 0.2x q-o-q to 1.9x on the back of EBITDA growth. We foresee that EBITDA will continue to grow in FY 2024-25, given the strong start to the year. However, Q2 EBITDA should be softer y-o-y (vs. USD 180 mn in Q2/23-24), owing to mill conversion and m...
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Tanvi Arora
- Trung Nguyen
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