fedro10
è la somma che fa il totale...
no solamente ora, ma la puntualità sta nel fatto che ci sia, visto i disguidi delle ultime settimane...
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
no solamente ora, ma la puntualità sta nel fatto che ci sia, visto i disguidi delle ultime settimane...
fabriziof
Forumer storico
È strano che iw paghi la mattina
fedro10
è la somma che fa il totale...
Questo vuol dire che dormi sonno tranquilli e che hai fiducia del titolo se non ti preoccuppi piu di tanto del suo andamento.... bene
fabriziof
Forumer storico
Questo vuol dire che dormi sonno tranquilli e che hai fiducia del titolo se non ti preoccuppi piu di tanto del suo andamento.... bene
Non mi preoccupo più di tanto,ma non è detto che faccio bene
fedro10
è la somma che fa il totale...
fabriziof
Forumer storico
Perché è quotata su Lussemburgo(dove non scambia mai) e i siti come onvista ,ariva etc.monitorano solo le borse tedesche
fedro10
è la somma che fa il totale...
Marfrig’s Planned Sale of Moy Park Unit Is Credit Positive
On 21 June, Marfrig Global Foods S.A. (B2 stable) said that it had agreed to sell its Moy Park Holdings
(Europe) Limited (B1 stable) unit to JBS S.A. (Ba2 stable) for $1.5 billion (BRL4.65 billion), including the
assumption of Moy Park’s net debt of £200 million. The sale is credit positive for Marfrig because it intends
to use the proceeds to reduce debt.
The companies expect to complete the transaction in the second half of 2015. The Moy Park sale will
accelerate Marfrig’s deleveraging efforts. If the company were to use all of the sale proceeds to pay down
existing debt, adjusted gross leverage would decline to 5.7x from 7.9x for the 12 months ended 31 March
2015 (assuming an exchange rate of BRL3.10 to the US dollar).
Moy Park generated annual EBITDA of BRL431.1 million for the 12 months ended 31 March, or about 23% of
Marfrig’s consolidated EBITDA. After the sale, Marfrig will focus on organic growth in its two remaining
business segments, Marfrig Beef, a Brazilian beef operation, and Keystone, a food service supplier that
operates in the US and Asia.
As for JBS, the acquisition is credit neutral given the company’s sizable cash position. At the end of the first
quarter of 2015, JBS had BRL14.1 billion in cash and an adjusted debt/EBITDA of 3.9x.
Although the funding structure for the Moy Park transaction was not disclosed, we expect that JBS will fund
at least a portion of the transaction with debt. Even if JBS were to fund the entire purchase with debt,
adjusted leverage would rise relatively modestly to 4.4x, and decline to 4.2x after the full integration of Moy
Park, considering the latter’s EBITDA margin of 7.5% for the 12 months ended 31 March.
On 21 June, Marfrig Global Foods S.A. (B2 stable) said that it had agreed to sell its Moy Park Holdings
(Europe) Limited (B1 stable) unit to JBS S.A. (Ba2 stable) for $1.5 billion (BRL4.65 billion), including the
assumption of Moy Park’s net debt of £200 million. The sale is credit positive for Marfrig because it intends
to use the proceeds to reduce debt.
The companies expect to complete the transaction in the second half of 2015. The Moy Park sale will
accelerate Marfrig’s deleveraging efforts. If the company were to use all of the sale proceeds to pay down
existing debt, adjusted gross leverage would decline to 5.7x from 7.9x for the 12 months ended 31 March
2015 (assuming an exchange rate of BRL3.10 to the US dollar).
Moy Park generated annual EBITDA of BRL431.1 million for the 12 months ended 31 March, or about 23% of
Marfrig’s consolidated EBITDA. After the sale, Marfrig will focus on organic growth in its two remaining
business segments, Marfrig Beef, a Brazilian beef operation, and Keystone, a food service supplier that
operates in the US and Asia.
As for JBS, the acquisition is credit neutral given the company’s sizable cash position. At the end of the first
quarter of 2015, JBS had BRL14.1 billion in cash and an adjusted debt/EBITDA of 3.9x.
Although the funding structure for the Moy Park transaction was not disclosed, we expect that JBS will fund
at least a portion of the transaction with debt. Even if JBS were to fund the entire purchase with debt,
adjusted leverage would rise relatively modestly to 4.4x, and decline to 4.2x after the full integration of Moy
Park, considering the latter’s EBITDA margin of 7.5% for the 12 months ended 31 March.
- Stato
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