Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Sports Equipment Manufacturer Head Long-Term Rating Raised To 'B-' On Improved Cash Position; Outlook Stable
Publication date: 24-Jan-2011 11:32:15 GMT
Netherlands-based sporting equipment manufacturer Head N.V. has generated
improved levels of operating cash flow, helped by good winter sports
conditions.
Consequently, Head's key debt protection metrics have improved
moderately, albeit from low levels.
We are raising our long-term corporate credit rating on Head to 'B-' from
'CCC+'.
The stable outlook reflects Head's improved cash position and strict
management of working capital outflows and capital expenditures despite
still-limited external funding capacity.
LONDON (Standard & Poor's) Jan. 24, 2011--Standard & Poor's Ratings Services
said today that it raised its long-term corporate credit rating on The
Netherlands-incorporated and Austria-based sports equipment manufacturer Head
N.V. to 'B-', from 'CCC+'. The outlook is stable.
At the same time, we raised our issue rating on the 10% senior secured notes
due August 2012 issued by HTM Sport GmbH (HTM), a 100%-owned subsidiary of
Head, to 'B-' from 'CCC+'. In addition, we raised our issue rating on the 8.5%
senior unsecured notes due February 2014, issued by HTM, to 'CCC+' from 'CCC'.
"The upgrades reflect Head's improved performance and cash position," said
Standard & Poor's credit analyst Philip Temme. "Stronger operating performance
in 2010, lower interest costs following the bond exchange in 2009, and
management's strict focus on preserving cash (through operating efficiencies
and severely constrained capital spending) have all improved cash generation."
The group's cash resources, which are its principal means of funding its
seasonal working capital requirements, rose to €45.6 million on Sept. 30,
2010, from €25.0 million a year earlier.
Sales in the 12 months to Sept. 30, 2010, rose 3% year on year, helped by good
snow conditions in Europe. The current cold winter bodes well for 2010-2011
winter sports orders. Standard & Poor's-adjusted EBITDA more than doubled in
the year to Sept. 30, 2010, to €33.6 million, while unadjusted EBITDA margins
improved modestly, to 7.9%, from 7.5% in the prior year.
The ratings on Head reflect our view of the cyclical sports equipment
industry, which is characterized by margin volatility, competitive pressures,
heavy seasonality (in the sports that Head covers), and exposure to
weather-related risks. The ratings also reflect Head's high seasonal working
capital requirements, funding constraints, relatively weak profit generation,
foreign exchange risks, and track record of debt restructuring. These factors
are partly mitigated by Head's established brands, solid market shares,
low-cost production model, and lower leverage following its 2009 bond
exchange.
The stable outlook reflects Head's improved cash position and generation. It
also reflects our view that the group will continue to maintain minimum levels
of capital expenditures and to manage working capital outflows as strictly as
possible.
Despite recent improvements, the group's ability to maintain an adequate cash
cushion to finance its working capital remains highly sensitive to trading
performance and input cost inflation. We could lower the ratings if cash flow
generation were to turn consistently negative or if cash balances were to fall
to less than €25 million at the seasonal low-point in the fall.
Further ratings upside is limited, in our view, by the group's vulnerable
business risk profile and exposure to weather risks, in particular to winter
snow conditions in the Alps.
Publication date: 24-Jan-2011 11:32:15 GMT
Netherlands-based sporting equipment manufacturer Head N.V. has generated
improved levels of operating cash flow, helped by good winter sports
conditions.
Consequently, Head's key debt protection metrics have improved
moderately, albeit from low levels.
We are raising our long-term corporate credit rating on Head to 'B-' from
'CCC+'.
The stable outlook reflects Head's improved cash position and strict
management of working capital outflows and capital expenditures despite
still-limited external funding capacity.
LONDON (Standard & Poor's) Jan. 24, 2011--Standard & Poor's Ratings Services
said today that it raised its long-term corporate credit rating on The
Netherlands-incorporated and Austria-based sports equipment manufacturer Head
N.V. to 'B-', from 'CCC+'. The outlook is stable.
At the same time, we raised our issue rating on the 10% senior secured notes
due August 2012 issued by HTM Sport GmbH (HTM), a 100%-owned subsidiary of
Head, to 'B-' from 'CCC+'. In addition, we raised our issue rating on the 8.5%
senior unsecured notes due February 2014, issued by HTM, to 'CCC+' from 'CCC'.
"The upgrades reflect Head's improved performance and cash position," said
Standard & Poor's credit analyst Philip Temme. "Stronger operating performance
in 2010, lower interest costs following the bond exchange in 2009, and
management's strict focus on preserving cash (through operating efficiencies
and severely constrained capital spending) have all improved cash generation."
The group's cash resources, which are its principal means of funding its
seasonal working capital requirements, rose to €45.6 million on Sept. 30,
2010, from €25.0 million a year earlier.
Sales in the 12 months to Sept. 30, 2010, rose 3% year on year, helped by good
snow conditions in Europe. The current cold winter bodes well for 2010-2011
winter sports orders. Standard & Poor's-adjusted EBITDA more than doubled in
the year to Sept. 30, 2010, to €33.6 million, while unadjusted EBITDA margins
improved modestly, to 7.9%, from 7.5% in the prior year.
The ratings on Head reflect our view of the cyclical sports equipment
industry, which is characterized by margin volatility, competitive pressures,
heavy seasonality (in the sports that Head covers), and exposure to
weather-related risks. The ratings also reflect Head's high seasonal working
capital requirements, funding constraints, relatively weak profit generation,
foreign exchange risks, and track record of debt restructuring. These factors
are partly mitigated by Head's established brands, solid market shares,
low-cost production model, and lower leverage following its 2009 bond
exchange.
The stable outlook reflects Head's improved cash position and generation. It
also reflects our view that the group will continue to maintain minimum levels
of capital expenditures and to manage working capital outflows as strictly as
possible.
Despite recent improvements, the group's ability to maintain an adequate cash
cushion to finance its working capital remains highly sensitive to trading
performance and input cost inflation. We could lower the ratings if cash flow
generation were to turn consistently negative or if cash balances were to fall
to less than €25 million at the seasonal low-point in the fall.
Further ratings upside is limited, in our view, by the group's vulnerable
business risk profile and exposure to weather risks, in particular to winter
snow conditions in the Alps.
nik.sala
Money Never Sleeps
S&p upgrades head to 'b-'; outlook stable
speriamo che il bond non si sia alzato : volevo incrementare
nik.sala
Money Never Sleeps
nik.sala
Money Never Sleeps
prezzi
new reclam xs0241718336 83/86
fage xs0210695150 93/95 no carta
clondalkin xs0188274848 99,25/100,25 no carta
novasep xs0473821816 78/79,50
petrol xs0271812447 no prezzi
kbc be0934378747 85/85,85
ikb xs0171797219 79,50/83,50
eircom xs0264261974 37/41
htm xs0184717956 91,50/93,50 no carta
molti senza carta dicono di provare, io penso che cmq si esegua.
new reclam xs0241718336 83/86
fage xs0210695150 93/95 no carta
clondalkin xs0188274848 99,25/100,25 no carta
novasep xs0473821816 78/79,50
petrol xs0271812447 no prezzi
kbc be0934378747 85/85,85
ikb xs0171797219 79,50/83,50
eircom xs0264261974 37/41
htm xs0184717956 91,50/93,50 no carta
molti senza carta dicono di provare, io penso che cmq si esegua.
Gli unici corporate taglio 1k rimasti in circolazione, esclusi quelli che ormai viaggiano abbondantemente sopra i 100
nik.sala
Money Never Sleeps
si e li danno tutti e tre senza carta
molto strano.
Non vorrei che fra un pò non si comprino più
iguanito
Forumer storico
La Petrol da te indicata a francoforte è data 72/77 circa. Scade ad ottobre. Ma secondo te rimborsa?
nik.sala
Money Never Sleeps
Non so.
Sinceramente se sfondasse 80 avrei più certezze, mentre invece è lì inchiodata e non capisco il perchè.
Escludo il default, però potrebbero rinegoziare la scadenza, visto che dovrebbero vendere delle stazioni a gazprom e al momento non hanno trovato l'accordo.
Io l'ho in portafoglio a 72,60, sto aspettando.
Entro fine febbraio, se il prezzo non si muove, la liquido.
- Stato
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