Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (11 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
qquebec
Super Moderator
buongiorno, secondo voi come procederanno con questa ristrutturazione, la mia banca non ha voluto mandare informazioni per motivi di privacy
Se leggi indietro, abbiamo postato abbastanza su questo rottame
Cat XL
Shizuka Minamoto
A 20 non dovrebbe mai esserci arrivata ma sui 35 forse si...
Cat XL
Shizuka Minamoto
Atu
ATU
ATUGRP EUR 11% Snr May 2014 91.5 – 93.5 YTM 19.44%
ATUGRP EUR Float Sub October 2014 35 – 40
Trading update
On Friday the company released its earnings report covering 9m up to 31 March 2013 (9M13) and held investor call. Despite a very optimistic tone of the company’s CFO during the call the company suffered a very weak 3rd quarter and hence the figures reported for the 9m were also weak. Sales for 9M13 amounted to €855.5m vs. €947.1m in the same period in prior year. The CFO said that the sales were negatively impacted by the weather conditions as winter was milder than usual and March was the coldest month in 130 years which pushed the high season of tyre changes from March into April. Also weak consumer sentiment impacted the whole of the tyre market including ATU. Due to the weather impact the company sold less of its higher margin services and products and hence gross margin fell to 61% from 63.3% yoy. The company also reported much lower EBITDA for 9M13 at just €31.3m vs. €69.8m for the 9M12. Net loss for the period of 9m amounted to -€67.4m vs. a net loss of -€31.8m in the same period last year. Cash flow from operating was negative €18.3m vs. a positive €8.6m in the prior year. Due to weak 3rd quarter cash flow from operating activities in the last reported 3month was negative -€38m vs. a positive €1.7m in the same period last year. The company said that it had cash to make the upcoming June interest payment and said that it has utilised the full €45m of it RCF. Total debt of the company stood at €640m resulting in reported Net Debt over LTM EBITDA ratio of 9.4x vs. 5.5x in March last year. The company said that the management together with A.T.U’s shareholder is working on a refinancing of the existing debt facilities and has mandated advisors. The CFO said that the dialogue currently includes refinancing options as well as strategic partnership options. The CFO also said that the company is fully stocked up and ready for the summer season and should see improvements in the next quarter. As per our research update of February 2013 (call the desk to receive it), we believe ATU's core business fails to generate enough cash to service its debt which makes a refinance of the bonds challenging. We expect more price volatility going forward,
ATU
ATUGRP EUR 11% Snr May 2014 91.5 – 93.5 YTM 19.44%
ATUGRP EUR Float Sub October 2014 35 – 40
Trading update
On Friday the company released its earnings report covering 9m up to 31 March 2013 (9M13) and held investor call. Despite a very optimistic tone of the company’s CFO during the call the company suffered a very weak 3rd quarter and hence the figures reported for the 9m were also weak. Sales for 9M13 amounted to €855.5m vs. €947.1m in the same period in prior year. The CFO said that the sales were negatively impacted by the weather conditions as winter was milder than usual and March was the coldest month in 130 years which pushed the high season of tyre changes from March into April. Also weak consumer sentiment impacted the whole of the tyre market including ATU. Due to the weather impact the company sold less of its higher margin services and products and hence gross margin fell to 61% from 63.3% yoy. The company also reported much lower EBITDA for 9M13 at just €31.3m vs. €69.8m for the 9M12. Net loss for the period of 9m amounted to -€67.4m vs. a net loss of -€31.8m in the same period last year. Cash flow from operating was negative €18.3m vs. a positive €8.6m in the prior year. Due to weak 3rd quarter cash flow from operating activities in the last reported 3month was negative -€38m vs. a positive €1.7m in the same period last year. The company said that it had cash to make the upcoming June interest payment and said that it has utilised the full €45m of it RCF. Total debt of the company stood at €640m resulting in reported Net Debt over LTM EBITDA ratio of 9.4x vs. 5.5x in March last year. The company said that the management together with A.T.U’s shareholder is working on a refinancing of the existing debt facilities and has mandated advisors. The CFO said that the dialogue currently includes refinancing options as well as strategic partnership options. The CFO also said that the company is fully stocked up and ready for the summer season and should see improvements in the next quarter. As per our research update of February 2013 (call the desk to receive it), we believe ATU's core business fails to generate enough cash to service its debt which makes a refinance of the bonds challenging. We expect more price volatility going forward,
fabriziof
Forumer storico
http://jyskebank.gi/wps/wcm/connect/...3-7cd767549ca7
su atu in danese
su atu in danese
CEDOLONE
Forumer storico
a 20 l'avrei presa volentieri ....sai che gain
comunque il minimo storico e' stato 34 ca
e comunque quando era a 30-40 Fiat era a 60/70 e le sub bancarie a 50-60
quindi ci stava
novembre 2011 , bei tempi ! non torneranno mai piu'
era come sparare sulla croce rossa
prezzi bassi mai visti
e comunque nessuna era vicina al default che mi risulti ...
erano solo prezzi bassi causa balordera del mercato
CEDOLONE
Forumer storico
taaanto tempo fa ....e non era a 20 ma a 35ca
e non perche' era vicina al default ...
era tutto basso ....nov 2011 bei tempi
CMA CGM 11/19 REGS (Reg.S) | Bond | A1GQGC | XS0618662562 | Börse Frankfurt (Frankfurt Stock Exchange)
VOI CHE SIETE PIU' ESPERTI DI ME COSA NE PENSATE DELLA RISTRUTTURAZIONE E A CHE COSA SERVE MANDARE I DATI DI POSSESSO DELL' OBBLIGAZIONE- Stato