Cat XL
Shizuka Minamoto
cat, queste tue schermate mi fanno impazzire
non sai come ti invidio
grazie
Non esageriamo. Ci sono cose piu' importanti e belle nella vita....
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (8 lettori)
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Non esageriamo. Ci sono cose piu' importanti e belle nella vita....
nik.sala
Money Never Sleeps
...dopo BBG
scherzo ovviamente.
Però hai la visuale più completa ed immediata per vedere i movimenti istituzionali ed eventuali disallineamenti
iguanito
Forumer storico
In effetti da quanto pubblicato nel loro sito non mi sembra di vedere peggioramenti (ma io non sono certo un tecnico di bilanci) e non ho trovato notizie particolari che la riguardano. Vedo però che c'è un generale andamento al ribasso di molti titoli hy. Buone occasioni per incrementare....clondalkin ha scambiato a 94.50
Ho dato uno sguardo al bilancio al 31/12 e non mi sembra male, qualche vendita al meglio o c'è dell'altro?
fabriziof
Forumer storico
anche atu tv è in calo,erano un po' tutti in bolla
nik.sala
Money Never Sleeps
clondalkin ha scambiato a 94.50
Ho dato uno sguardo al bilancio al 31/12 e non mi sembra male, qualche vendita al meglio o c'è dell'altro?
in data 14/03 S&P ha downgradato il bond a CCC+
qquebec
Super Moderator
Clondalkin, peggiora la posizione finanziaria
I dati consolidati della compagnia hanno evidenziato un incremento dei ricavi sia su base trimestrale che su base annuale, comunque al di sotto delle attese. Ma, quello che in questo momento sta pesando sui conti della società è la decisione di utilizzare parte della liquidità disponibile per comprare dall'americana Catalent Pharma Solutions (che ha un bond HY 9,75% 2017 in EUR) la divisione "Printed Components", come da comunicato dello scorso mese di Febbraio.
Qui di seguito, riporto il comunicato di S&P (password protected)
STOCKHOLM (Standard & Poor's) March 14, 2011--Standard & Poor's Ratings Services said today that it had lowered its long-term corporate credit rating on Netherlands-based packaging group Clondalkin Industries B.V. (Clondalkin) to 'B' from 'B+'. The outlook is stable. "The rating action primarily reflects Clondalkin's performance in 2010, which was weaker than our expectations at the previous rating level," said Standard & Poor's credit analyst Jacob Zachrison. "In our view, Clondalkin's credit metrics have remained weak for an extended period, instead of recovering in line with our previous expectations," he added. Furthermore, the group has recently announced its intention to use part of its cash position to acquire a printed components business in the U.S. Although moderately positive for the business risk profile, we view the timing of the acquisition as aggressive from a financial policy perspective, and as contributing an element of increasing uncertainty as to the pace and magnitude of any recovery in Clondalkin's operating and financial performance.
Clondalkin achieved an estimated adjusted debt to EBITDA of about 9.2x in 2010 (about 6x excluding shareholder loans, unchanged from the 12 months ended Sept. 30, 2010). This compares with our guidance at the previous rating level of adjusted cash debt to EBITDA of about 5x. Pressure on operating performance, partly due to significant increases in raw material costs, was the main reason that the ratio remained weaker than we expected. On Feb. 28, 2011, Clondalkin announced its intention to acquire the printed components business of Catalent Pharma Solutions Inc. The acquired business has annual sales of about €75 million in the healthcare and pharmaceutical secondary packaging markets in the U.S and Europe. We estimate the pro forma debt to EBITDA impact in 2010 to be largely neutral. Furthermore, we view the acquisition as a good strategic fit. Nevertheless, we view the acquisition at a time when credit measures are already under pressure as aggressive from a financial policy perspective. Although we continue to forecast an improvement in Clondalkin's credit measures from current levels, we believe that the group's current weaker-than-expected performance and weak track record in achieving our expected credit measures for the previous ratings, as well as the risk of volatile input costs, make prospects in this respect uncertain. We do, however, believe that Clondalkin will be able to maintain adjusted debt to EBITDA of about 9x (cash debt to EBITDA of 5.5x-6x) over the short term, and continue to be free operating cash flow positive on a 12-month basis.
The ratings continue to reflect the group's highly leveraged financial risk profile with weak credit measures, and its modest size and exposure to raw material cycles through some of its products. Positive rating factors include the group's leading niche positions in normally stable, but competitive, packaging markets, stable operating margins, and a liquidity position which we consider to be strong. The stable outlook reflects our view that relatively stable market conditions and internal efficiency measures will allow Clondalkin to maintain a ratio of adjusted debt to EBITDA of about 9x and 5.5x-6x excluding shareholder loans. It also reflects our expectations that Clondalkin can remain free operating cash flow positive.
I dati consolidati della compagnia hanno evidenziato un incremento dei ricavi sia su base trimestrale che su base annuale, comunque al di sotto delle attese. Ma, quello che in questo momento sta pesando sui conti della società è la decisione di utilizzare parte della liquidità disponibile per comprare dall'americana Catalent Pharma Solutions (che ha un bond HY 9,75% 2017 in EUR) la divisione "Printed Components", come da comunicato dello scorso mese di Febbraio.
Qui di seguito, riporto il comunicato di S&P (password protected)
STOCKHOLM (Standard & Poor's) March 14, 2011--Standard & Poor's Ratings Services said today that it had lowered its long-term corporate credit rating on Netherlands-based packaging group Clondalkin Industries B.V. (Clondalkin) to 'B' from 'B+'. The outlook is stable. "The rating action primarily reflects Clondalkin's performance in 2010, which was weaker than our expectations at the previous rating level," said Standard & Poor's credit analyst Jacob Zachrison. "In our view, Clondalkin's credit metrics have remained weak for an extended period, instead of recovering in line with our previous expectations," he added. Furthermore, the group has recently announced its intention to use part of its cash position to acquire a printed components business in the U.S. Although moderately positive for the business risk profile, we view the timing of the acquisition as aggressive from a financial policy perspective, and as contributing an element of increasing uncertainty as to the pace and magnitude of any recovery in Clondalkin's operating and financial performance.
Clondalkin achieved an estimated adjusted debt to EBITDA of about 9.2x in 2010 (about 6x excluding shareholder loans, unchanged from the 12 months ended Sept. 30, 2010). This compares with our guidance at the previous rating level of adjusted cash debt to EBITDA of about 5x. Pressure on operating performance, partly due to significant increases in raw material costs, was the main reason that the ratio remained weaker than we expected. On Feb. 28, 2011, Clondalkin announced its intention to acquire the printed components business of Catalent Pharma Solutions Inc. The acquired business has annual sales of about €75 million in the healthcare and pharmaceutical secondary packaging markets in the U.S and Europe. We estimate the pro forma debt to EBITDA impact in 2010 to be largely neutral. Furthermore, we view the acquisition as a good strategic fit. Nevertheless, we view the acquisition at a time when credit measures are already under pressure as aggressive from a financial policy perspective. Although we continue to forecast an improvement in Clondalkin's credit measures from current levels, we believe that the group's current weaker-than-expected performance and weak track record in achieving our expected credit measures for the previous ratings, as well as the risk of volatile input costs, make prospects in this respect uncertain. We do, however, believe that Clondalkin will be able to maintain adjusted debt to EBITDA of about 9x (cash debt to EBITDA of 5.5x-6x) over the short term, and continue to be free operating cash flow positive on a 12-month basis.
The ratings continue to reflect the group's highly leveraged financial risk profile with weak credit measures, and its modest size and exposure to raw material cycles through some of its products. Positive rating factors include the group's leading niche positions in normally stable, but competitive, packaging markets, stable operating margins, and a liquidity position which we consider to be strong. The stable outlook reflects our view that relatively stable market conditions and internal efficiency measures will allow Clondalkin to maintain a ratio of adjusted debt to EBITDA of about 9x and 5.5x-6x excluding shareholder loans. It also reflects our expectations that Clondalkin can remain free operating cash flow positive.
Ultima modifica:
STOCKHOLM (Standard & Poor's) March 14, 2011--Standard & Poor's Ratings
Services said today that it had lowered its long-term corporate credit rating
on Netherlands-based packaging group Clondalkin Industries B.V. (Clondalkin)
to 'B' from 'B+'. The outlook is stable.
"The rating action primarily reflects Clondalkin's performance in 2010, which
was weaker than our expectations at the previous rating level," said Standard
& Poor's credit analyst Jacob Zachrison.
"In our view, Clondalkin's credit metrics have remained weak for an extended
period, instead of recovering in line with our previous expectations," he
added.
Furthermore, the group has recently announced its intention to use part of its
cash position to acquire a printed components business in the U.S. Although
moderately positive for the business risk profile, we view the timing of the
acquisition as aggressive from a financial policy perspective, and as
contributing an element of increasing uncertainty as to the pace and magnitude
of any recovery in Clondalkin's operating and financial performance.
Clondalkin achieved an estimated adjusted debt to EBITDA of about 9.2x in 2010
(about 6x excluding shareholder loans, unchanged from the 12 months ended
Sept. 30, 2010). This compares with our guidance at the previous rating level
of adjusted cash debt to EBITDA of about 5x. Pressure on operating
performance, partly due to significant increases in raw material costs, was
the main reason that the ratio remained weaker than we expected.
On Feb. 28, 2011, Clondalkin announced its intention to acquire the printed
components business of Catalent Pharma Solutions Inc. The acquired business
has annual sales of about €75 million in the healthcare and pharmaceutical
secondary packaging markets in the U.S and Europe. We estimate the pro forma
debt to EBITDA impact in 2010 to be largely neutral. Furthermore, we view the
acquisition as a good strategic fit. Nevertheless, we view the acquisition at
a time when credit measures are already under pressure as aggressive from a
financial policy perspective.
Although we continue to forecast an improvement in Clondalkin's credit
measures from current levels, we believe that the group's current
weaker-than-expected performance and weak track record in achieving our
expected credit measures for the previous ratings, as well as the risk of
volatile input costs, make prospects in this respect uncertain. We do,
however, believe that Clondalkin will be able to maintain adjusted debt to
EBITDA of about 9x (cash debt to EBITDA of 5.5x-6x) over the short term, and
continue to be free operating cash flow positive on a 12-month basis.
The ratings continue to reflect the group's highly leveraged financial risk
profile with weak credit measures, and its modest size and exposure to raw
material cycles through some of its products. Positive rating factors include
the group's leading niche positions in normally stable, but competitive,
packaging markets, stable operating margins, and a liquidity position which we
consider to be strong.
The stable outlook reflects our view that relatively stable market conditions
and internal efficiency measures will allow Clondalkin to maintain a ratio of
adjusted debt to EBITDA of about 9x and 5.5x-6x excluding shareholder loans.
It also reflects our expectations that Clondalkin can remain free operating
cash flow positive.
Services said today that it had lowered its long-term corporate credit rating
on Netherlands-based packaging group Clondalkin Industries B.V. (Clondalkin)
to 'B' from 'B+'. The outlook is stable.
"The rating action primarily reflects Clondalkin's performance in 2010, which
was weaker than our expectations at the previous rating level," said Standard
& Poor's credit analyst Jacob Zachrison.
"In our view, Clondalkin's credit metrics have remained weak for an extended
period, instead of recovering in line with our previous expectations," he
added.
Furthermore, the group has recently announced its intention to use part of its
cash position to acquire a printed components business in the U.S. Although
moderately positive for the business risk profile, we view the timing of the
acquisition as aggressive from a financial policy perspective, and as
contributing an element of increasing uncertainty as to the pace and magnitude
of any recovery in Clondalkin's operating and financial performance.
Clondalkin achieved an estimated adjusted debt to EBITDA of about 9.2x in 2010
(about 6x excluding shareholder loans, unchanged from the 12 months ended
Sept. 30, 2010). This compares with our guidance at the previous rating level
of adjusted cash debt to EBITDA of about 5x. Pressure on operating
performance, partly due to significant increases in raw material costs, was
the main reason that the ratio remained weaker than we expected.
On Feb. 28, 2011, Clondalkin announced its intention to acquire the printed
components business of Catalent Pharma Solutions Inc. The acquired business
has annual sales of about €75 million in the healthcare and pharmaceutical
secondary packaging markets in the U.S and Europe. We estimate the pro forma
debt to EBITDA impact in 2010 to be largely neutral. Furthermore, we view the
acquisition as a good strategic fit. Nevertheless, we view the acquisition at
a time when credit measures are already under pressure as aggressive from a
financial policy perspective.
Although we continue to forecast an improvement in Clondalkin's credit
measures from current levels, we believe that the group's current
weaker-than-expected performance and weak track record in achieving our
expected credit measures for the previous ratings, as well as the risk of
volatile input costs, make prospects in this respect uncertain. We do,
however, believe that Clondalkin will be able to maintain adjusted debt to
EBITDA of about 9x (cash debt to EBITDA of 5.5x-6x) over the short term, and
continue to be free operating cash flow positive on a 12-month basis.
The ratings continue to reflect the group's highly leveraged financial risk
profile with weak credit measures, and its modest size and exposure to raw
material cycles through some of its products. Positive rating factors include
the group's leading niche positions in normally stable, but competitive,
packaging markets, stable operating margins, and a liquidity position which we
consider to be strong.
The stable outlook reflects our view that relatively stable market conditions
and internal efficiency measures will allow Clondalkin to maintain a ratio of
adjusted debt to EBITDA of about 9x and 5.5x-6x excluding shareholder loans.
It also reflects our expectations that Clondalkin can remain free operating
cash flow positive.
fabriziof
Forumer storico
scendesse ancora molto,cosa che non credo,si potrebbe incrementare
- Stato