fabriziof
Forumer storico
crollato
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (6 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
moorecat
Nuovo forumer
Cat XL
Shizuka Minamoto
Abengoa
Fitch: Adjusted Abengoa Leverage Double Company Figure
14 Nov 2014 10:12 AM (EST) Fitch Ratings-London-14 November 2014: Concerns about accounting for newly issued debt have contributed to a halving of Abengoa's share price in the last few days. Different methodology means our adjusted FY14 net recourse leverage estimate (4x) is nearly twice the company's most recent figure of 2.1x, Fitch Ratings says. This difference is already included in Fitch's 'B+'/Negative rating. However, Fitch will closely monitor management's response to the current market turmoil and the company's access to capital markets in the coming days for any further deterioration in the credit profile.The engineering and construction company said the recent debt issuance from its Abengoa Greenfield subsidiary would be considered non-recourse and would not be included in its corporate leverage metrics. But we include the two-tranche bond (EUR265m and USD300m) in our calculation because it is jointly, severally and irrevocably guaranteed by the parent company and other subsidiaries inside the restricted group. It also ranks pari passu with the rest of the unsecured bonds at Abengoa, S.A. and Abengoa Finance level. We changed the Outlook to Negative from Stable on 21 October to reflect this.
Our leverage calculations exclude other non-recourse debt and are adjusted to exclude related EBITDA, although they do include sustainable dividends. We also add off-balance sheet receivables factoring and assume that around EUR1bn of cash is not readily available for debt repayment as it is needed for day-to-day operational working capital. The EUR1bn includes cash restricted (EUR369m at FYE13) for its confirming lines as a source of trade payable financing.
Abengoa's share price fell sharply in the last two days following the comments made about accounting for Greenfield at the third-quarter results presentation. The company revised down its consolidated revenue guidance but slightly increased its corporate EBITDA guidance.
Other factors that may be weighing on market sentiment include the sharp drop in oil prices. Oil is a direct competitor for renewable energy and investors might therefore feel less attracted by renewable assets. Additionally, these assets are exposed to government decisions and the recent Republican mid-term victories in the US may also have depressed market confidence. Given that renewable assets are mainly funded through non-recourse debt (outside Fitch's rating perimeter), a negative impact on this business would have limited impact on Abengoa's rating.
Fitch: Adjusted Abengoa Leverage Double Company Figure
14 Nov 2014 10:12 AM (EST) Fitch Ratings-London-14 November 2014: Concerns about accounting for newly issued debt have contributed to a halving of Abengoa's share price in the last few days. Different methodology means our adjusted FY14 net recourse leverage estimate (4x) is nearly twice the company's most recent figure of 2.1x, Fitch Ratings says. This difference is already included in Fitch's 'B+'/Negative rating. However, Fitch will closely monitor management's response to the current market turmoil and the company's access to capital markets in the coming days for any further deterioration in the credit profile.The engineering and construction company said the recent debt issuance from its Abengoa Greenfield subsidiary would be considered non-recourse and would not be included in its corporate leverage metrics. But we include the two-tranche bond (EUR265m and USD300m) in our calculation because it is jointly, severally and irrevocably guaranteed by the parent company and other subsidiaries inside the restricted group. It also ranks pari passu with the rest of the unsecured bonds at Abengoa, S.A. and Abengoa Finance level. We changed the Outlook to Negative from Stable on 21 October to reflect this.
Our leverage calculations exclude other non-recourse debt and are adjusted to exclude related EBITDA, although they do include sustainable dividends. We also add off-balance sheet receivables factoring and assume that around EUR1bn of cash is not readily available for debt repayment as it is needed for day-to-day operational working capital. The EUR1bn includes cash restricted (EUR369m at FYE13) for its confirming lines as a source of trade payable financing.
Abengoa's share price fell sharply in the last two days following the comments made about accounting for Greenfield at the third-quarter results presentation. The company revised down its consolidated revenue guidance but slightly increased its corporate EBITDA guidance.
Other factors that may be weighing on market sentiment include the sharp drop in oil prices. Oil is a direct competitor for renewable energy and investors might therefore feel less attracted by renewable assets. Additionally, these assets are exposed to government decisions and the recent Republican mid-term victories in the US may also have depressed market confidence. Given that renewable assets are mainly funded through non-recourse debt (outside Fitch's rating perimeter), a negative impact on this business would have limited impact on Abengoa's rating.
captain sparrow
Forumer storico
abengoa financial report
nel sito di Abengoa, c'è il report datato 15/11/2014. al punto 15 sono spiegate le voci non recource financing. premesso che non sono un esperto, da quel che ho capito si tratta di bond utilizzati per finanziare i lavori in corso, in attesa del termine e incasso dai clienti. ho anche visto che gli ordini in ptf. (back log) ammonta a oltre 7 mil. .
se qualcuno più esperto volesse darci una guardata e postare il proprio giudizio..... io ringrazio fin d'ora
nel sito di Abengoa, c'è il report datato 15/11/2014. al punto 15 sono spiegate le voci non recource financing. premesso che non sono un esperto, da quel che ho capito si tratta di bond utilizzati per finanziare i lavori in corso, in attesa del termine e incasso dai clienti. ho anche visto che gli ordini in ptf. (back log) ammonta a oltre 7 mil. .
se qualcuno più esperto volesse darci una guardata e postare il proprio giudizio..... io ringrazio fin d'ora
fabriziof
Forumer storico
Il punto della situazione
http://www.google.it/url?sa=t&rct=j...9v3xcY8yNYWj6hyG7y5G_kg&bvm=bv.79142246,d.ZWU
http://www.google.it/url?sa=t&rct=j...9v3xcY8yNYWj6hyG7y5G_kg&bvm=bv.79142246,d.ZWU
bia06
Listen other's viewpoint avoid conflicts & wars.
In breve
Ci provo io, senza la pretesa di dare una foto accurata al 100%.
1) Le agenzie di rating (Fitch in primis) ritengono che Albengoa stia indicando un indebitamento sotto il vero livello (consolidato di Gruppo) che corrisponde alla realta´.
Commento: se questo e´ confermato la credibilita´ di Albengoa va a putt.... per un bel po´, oltre al CFO e probabilmente il CEO.
2) Un limited scope audit della societa´ di revisione al 30/9 attesta che Albengoa rispetta i criteri IFRS (criteri di contabilita´ riconosciuti a livello internazionale).
Commento: questo evidenzierebbe l´opposto di quanto dice Fitch.
3) Le linee di credito a breve sono enormi (7Bill se ho capito bene) ma sembrerebbero utilizzate solo marginalmente (ca 1Bil) al momento.
4) Sembra confermato che il bond greenfield emesso in settembre sia pari passu vs il resto del debito
Ultimo punto:
Albengoa paga i fornitori a 180 gg (irremovibili su questo) accettando di buon grado prezzi di acquisto piu´ alti della media di mercato................
....mi ricorda Parmalat 2003, la mia prima tranvata nelle gengive.......
Disclaimer: non ho azioni, ne obbligazioni di Albengoa.
Ci provo io, senza la pretesa di dare una foto accurata al 100%.
1) Le agenzie di rating (Fitch in primis) ritengono che Albengoa stia indicando un indebitamento sotto il vero livello (consolidato di Gruppo) che corrisponde alla realta´.
Commento: se questo e´ confermato la credibilita´ di Albengoa va a putt.... per un bel po´, oltre al CFO e probabilmente il CEO.
2) Un limited scope audit della societa´ di revisione al 30/9 attesta che Albengoa rispetta i criteri IFRS (criteri di contabilita´ riconosciuti a livello internazionale).
Commento: questo evidenzierebbe l´opposto di quanto dice Fitch.
3) Le linee di credito a breve sono enormi (7Bill se ho capito bene) ma sembrerebbero utilizzate solo marginalmente (ca 1Bil) al momento.
4) Sembra confermato che il bond greenfield emesso in settembre sia pari passu vs il resto del debito
Ultimo punto:
Albengoa paga i fornitori a 180 gg (irremovibili su questo) accettando di buon grado prezzi di acquisto piu´ alti della media di mercato................
....mi ricorda Parmalat 2003, la mia prima tranvata nelle gengive.......
Disclaimer: non ho azioni, ne obbligazioni di Albengoa.
Ultima modifica:
Cat XL
Shizuka Minamoto
Alcune precisazioni per evitare un po di evidente confusione
- Fitch non e' una banca d'affari ma una societa' di rating...
- Dire che che un bond abbia priorita´ pari passu vs il resto del debito e' una contraddizione in termini. Se e' pari passu non ha alcuna precedenza su altro debito...Si parla per questi bond di non recourse sulla società'. Avrebbero recourse solo su certi assets posti a collaterale
Sul resto commento domani o in un futuro prossimo. Vado a cenare.
qquebec
Super Moderator
Conference call
Abengoa to Hold a Conference Call to Discuss Additional Information
Provided to its Third Quarter 2014 Results Presentation
November 15th, 2014.- Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB), the
international company that applies innovative technology solutions for
sustainability in the energy and environment sectors, announced that it
will hold a conference call to discuss the additional information
provided in relation to its third quarter 2014 results presentation on
Monday, November 17th, 2014.
Abengoa’s CEO, Manuel Sánchez Ortega, and Executive Vice President of
Capital Markets and Investor Relations, Bárbara Zubiria Furest will hold
the conference call at 9:00 am (Madrid time), 8:00 am (London time) and
3:00 am (New York time).
The dial-in details to access the conference call will be announced ahead
of the conference call on Abengoa's corporate website.
About Abengoa
Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB) applies innovative technology
solutions for sustainability in the energy and environment sectors,
generating electricity from renewable resources, converting biomass into
biofuels and producing drinking water from sea water
Abengoa to Hold a Conference Call to Discuss Additional Information
Provided to its Third Quarter 2014 Results Presentation
November 15th, 2014.- Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB), the
international company that applies innovative technology solutions for
sustainability in the energy and environment sectors, announced that it
will hold a conference call to discuss the additional information
provided in relation to its third quarter 2014 results presentation on
Monday, November 17th, 2014.
Abengoa’s CEO, Manuel Sánchez Ortega, and Executive Vice President of
Capital Markets and Investor Relations, Bárbara Zubiria Furest will hold
the conference call at 9:00 am (Madrid time), 8:00 am (London time) and
3:00 am (New York time).
The dial-in details to access the conference call will be announced ahead
of the conference call on Abengoa's corporate website.
About Abengoa
Abengoa (MCE: ABG.B/P SM /NASDAQ: ABGB) applies innovative technology
solutions for sustainability in the energy and environment sectors,
generating electricity from renewable resources, converting biomass into
biofuels and producing drinking water from sea water
iguanito
Forumer storico
Non sono in grado di capire cosa dicono; puoi fare un sunto? Grazie
- Stato