nik.sala
Money Never Sleeps
sei un grande CAT
Mi fai morire
E' salito bene e stiamo parlando di un bond che tratta ad 1/10 del suo nominal value
rido x non piagere, ovvio
cmq 'spettiamo...
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Mi fai morire
E' salito bene e stiamo parlando di un bond che tratta ad 1/10 del suo nominal value
rido x non piagere, ovvio
cmq 'spettiamo...
MvArrow
Nuovo forumer
E' questo infatti lo spirito con cui l'ho presa... se solo avessi aspettato!!!
Mi sto mangiando le mani !!!!
Fortuna che a Novembre avrò altri 50k di liquidità!! Allora si che farò ottimi affari sulle perpetue e le HY se la situazione resta stabile / peggiora
Sperando che dopo non continui a peggiorare!!
nik.sala
Money Never Sleeps
Non dirmi ATUsenza dubbio
indovina dove ho raddoppiato oggi
Camajan
Forumer storico
nik.sala
Money Never Sleeps
PetrolNE'
Camajan
Forumer storico
Petrol
YEAAAAHHHHHHHHHHHHHH a 86 !!!
nik.sala
Money Never Sleeps
...mi raccomando...diversificaE' questo infatti lo spirito con cui l'ho presa... se solo avessi aspettato!!!
Mi sto mangiando le mani !!!!
Fortuna che a Novembre avrò altri 50k di liquidità!! Allora si che farò ottimi affari sulle perpetue e le HY se la situazione resta stabile / peggiora
Sperando che dopo non continui a peggiorare!!
nik.sala
Money Never Sleeps
cioè l'hai comprata ad 86 ad 1 mese e mezzo dalla scadenza ???
A parte che sei pazzo...mica è un buon segno, porca putt...
Cat XL
Shizuka Minamoto
sei un grande CAT
Mi fai morire
E' salito bene e stiamo parlando di un bond che tratta ad 1/10 del suo nominal value
rido x non piagere, ovvio
cmq 'spettiamo...
Un mese fa era a 6-7. Qualcosa sembra muoversi.
qquebec
Super Moderator
Semestrale Clondalkin
Clondalkin released Q2 results after US close yesterday. The quarter primarily reflects the completion of the Catalent acquisition in the US in April. Revenues were up 10.2% to EUR 240.4 mn, driven by the acquisition and by higher organic pricing. Higher volumes prevailed in the Specialist packaging division, while Flexible packaging was modestly down. Weak USD and GBP vs. the EUR had a negative FX effect on Q2/11 numbers. EBITDA at EUR 22.1 mn was slightly higher y-o-y (+5.2%), driven mainly by improved performance in the North American pharma packaging business, higher selling prices, EBITDA contribution from the acquisition and a positive effect on the cost base due to the weaker USD. Cash balance was EUR 57 mn, reflecting the c. EUR 28 mn payment towards the acquisition. We calculate a net debt of EUR 517 mn, translating to a net secured leverage of 4x and an overall leverage of 6x. We note that the LTM EBITDA calculation does not capture any PF full year Catalent numbers (although cashflow is adjusted with the full cash-out). This, along with a potential working capital release, should significantly reduce year-end leverage. While management has not provided an outlook guidance in the report (we will look for information on the conference call today), considering Clondalkin’s performance in the last down cycle (2008/09), we would expect similar resilience. We have a “Medium Risk” assessment on the LARA scale and continue to view Clondalkin as a relatively resilient name given its pharma and healthcare packaging exposure and good liquidity, offset by higher leverage. We move to “Hold” on the 8% fixed notes on account of the turbulent markets. For more aggressive investors the yields look relatively attractive for 2/3 year papers.
Clondalkin released Q2 results after US close yesterday. The quarter primarily reflects the completion of the Catalent acquisition in the US in April. Revenues were up 10.2% to EUR 240.4 mn, driven by the acquisition and by higher organic pricing. Higher volumes prevailed in the Specialist packaging division, while Flexible packaging was modestly down. Weak USD and GBP vs. the EUR had a negative FX effect on Q2/11 numbers. EBITDA at EUR 22.1 mn was slightly higher y-o-y (+5.2%), driven mainly by improved performance in the North American pharma packaging business, higher selling prices, EBITDA contribution from the acquisition and a positive effect on the cost base due to the weaker USD. Cash balance was EUR 57 mn, reflecting the c. EUR 28 mn payment towards the acquisition. We calculate a net debt of EUR 517 mn, translating to a net secured leverage of 4x and an overall leverage of 6x. We note that the LTM EBITDA calculation does not capture any PF full year Catalent numbers (although cashflow is adjusted with the full cash-out). This, along with a potential working capital release, should significantly reduce year-end leverage. While management has not provided an outlook guidance in the report (we will look for information on the conference call today), considering Clondalkin’s performance in the last down cycle (2008/09), we would expect similar resilience. We have a “Medium Risk” assessment on the LARA scale and continue to view Clondalkin as a relatively resilient name given its pharma and healthcare packaging exposure and good liquidity, offset by higher leverage. We move to “Hold” on the 8% fixed notes on account of the turbulent markets. For more aggressive investors the yields look relatively attractive for 2/3 year papers.
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