Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1

[fabriziof]

Alla fine questo "rottame" è quello che ha retto meglio le legnate di questa estate Vai te a capire come funzionano i mercati e soprattutto i rating

grande zlomrex ,continua così

 

[gionmorg]

Dopo la pubblicazione della semestrale, Moody's ha rivisto l'outlook di Fage (B3) da positivo a stabile per via della contrazione dei consumi in Grecia

Nello specifico:

http://www.fage.gr/_manage/userfiles/sections/statements/Half_Yearly_REPORT_2011.pdf

 

[gionmorg]

Constantin Medien

http://www.constantin-medien.de/dasat/images/2/101162-cmag-q2-2011-e-2208safe.pdf

Dati in chiaro scuro

 

[gionmorg]

Air Berlin Q2

http://ir.airberlin.com/fileadmin/PDF/berichte/berichte_2011/2011-08-18_Q2_2011_Report_EN.pdf

Non sembrano poi tanto malaccio

 

[gionmorg]

TUI Q2

http://www.tui-group.com/dms/ir/zwi..._11/pdf/RZ_TUI_Q3_2011_E/RZ_TUI_Q3_2011_E.pdf

 

[gionmorg]

Htm q2

 

[bia06]

ideal standard

Ciao Gion, è uscita la sem?
Sul sito rilasciano info solo ad istituzionali.

grazie

Htm q2

 

[gionmorg]

Ciao Gion, è uscita la sem?
Sul sito rilasciano info solo ad istituzionali.

grazie

Q2 earnings review: Weak figures in-line with expectation; cash burn accelerating
Maintain our “Sell” the IDEABB 11.75% 05/18 at 84 or a Z-spread of 1,309 bps despite bonds dropping by c. 17 points since our first “Sell” recommendation on June 24th at 101.2
Ideal Standard released weak Q2 results in line with the guidance management provided in its previous conference call. Revenues in H1 declined by 2.9% y-o-y to EUR 375 mn (including a negative FX effect of 0.5%). While its two largest markets, Italy and the UK, remained very weak, France and Germany performed relatively well. The overall poor performance was mostly driven by the Ceramics segment. Adjusted EBITDA before restructuring and related costs fell by 23.2% for Q2 and 13% for H1 to EUR 8.6 mn and EUR 18.7 mn, respectively. Cashflow generation remained very weak, with FFO before cash interest declining from minus EUR 1.3 mn to minus EUR 18.1 mn in H1. While cashflow generation was burdened by EUR 18 mn of cash-outs for restructurings, it is worth mentioning that even before restructuring charges, interest and the seasonal working capital increase Ideal Standard is still not able to generate cash from operations at the moment (being rather break-even). As a result of the weak cash generation, Ideal Standard’s pro-forma cash position decreased from EUR 162.5 mn at FYE 2010 to EUR 93.1 mn. Total adjusted debt to EBITDA since FYE 2010 increased from 5.4x to 6x (pro forma issuance of its HY bonds). However, management appeared fairly satisfied with the progress of its business restructuring. In our view, the cash burn for the company is at alarming levels and Ideal Standard may again run into liquidity issues in the next 12 months if markets do not recover and/ or the envisioned costs savings do not materialize. In light of this and the very weak environment for high beta names we keep our recommendation on “Sell” and our “Very High Risk” assessment on the LARA scale. For more details please refer to our Earnings Flash published earlier today.

 

[bia06]

neanche a 50 ......

Grazie Gion.

Mah, conti pessimi ed in peggioramento, cash burning.
Il bond senior è sugli 80 ma non li merita neanche a leggere qui.......

Q2 earnings review: Weak figures in-line with expectation; cash burn accelerating
Maintain our “Sell” the IDEABB 11.75% 05/18 at 84 or a Z-spread of 1,309 bps despite bonds dropping by c. 17 points since our first “Sell” recommendation on June 24th at 101.2
Ideal Standard released weak Q2 results in line with the guidance management provided in its previous conference call. Revenues in H1 declined by 2.9% y-o-y to EUR 375 mn (including a negative FX effect of 0.5%). While its two largest markets, Italy and the UK, remained very weak, France and Germany performed relatively well. The overall poor performance was mostly driven by the Ceramics segment. Adjusted EBITDA before restructuring and related costs fell by 23.2% for Q2 and 13% for H1 to EUR 8.6 mn and EUR 18.7 mn, respectively. Cashflow generation remained very weak, with FFO before cash interest declining from minus EUR 1.3 mn to minus EUR 18.1 mn in H1. While cashflow generation was burdened by EUR 18 mn of cash-outs for restructurings, it is worth mentioning that even before restructuring charges, interest and the seasonal working capital increase Ideal Standard is still not able to generate cash from operations at the moment (being rather break-even). As a result of the weak cash generation, Ideal Standard’s pro-forma cash position decreased from EUR 162.5 mn at FYE 2010 to EUR 93.1 mn. Total adjusted debt to EBITDA since FYE 2010 increased from 5.4x to 6x (pro forma issuance of its HY bonds). However, management appeared fairly satisfied with the progress of its business restructuring. In our view, the cash burn for the company is at alarming levels and Ideal Standard may again run into liquidity issues in the next 12 months if markets do not recover and/ or the envisioned costs savings do not materialize. In light of this and the very weak environment for high beta names we keep our recommendation on “Sell” and our “Very High Risk” assessment on the LARA scale. For more details please refer to our Earnings Flash published earlier today.

 

[qquebec]

Boccata d'ossigeno per A.T.U auto

Oggi la nostra bàldracca ha chiuso a Francoforte con un +5,5% a 57,50. bene anche le sorelle maggiori che si discostano dai minimi