qquebec
Super Moderator
Più facile che tolgano di mezzo il PIK
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Più facile che tolgano di mezzo il PIK
qquebec
Super Moderator
Questo è il sito: tophedge.de - Das Unternehmen. E' un fondo d'investimento, ma non ho capito bene in cosa investe (non conosco il tedesco). Comunque gli ho mandato una mail per chiedere copia del prospetto.
Cat XL
Shizuka Minamoto
Mi sembra che sia 105.
qquebec
Super Moderator
Dal 15 Luglio 2013 = 105,875 (106,125 PIK)
Dal 15 Luglio 2014 = 102,938 (103,063 PIK)
Dal 15 Luglio 2015 = 100,000 (100,000 PIK)
Ultima modifica:
Anleichen check: Scholz - draw
Reycylingkonzern benefited from rising demand for secondary raw materials
The recycling company Scholz AG, Essingen, issued a corporate bond with a volume of up to € 150 million. With a term of 5 years, the company offers a coupon of 8.500%. With sales of around EUR 4.5 billion Scholz is one of the world's largest recycling companies and the largest issuers, which have so far placed a bond issue to the public in Germany. The rating agency Euler Hermes Scholz rated "BB". The company operates in four business segments: iron (Fe) and non-ferrous metal (ferrous) scrap, steel trade and services and forging operations, aluminum products and other services, and services. the Fe - and non-ferrous scrap are the most important by far of business with a turnover rate of 89.3% together. The activities in this segment include the decentralized collection of scrap iron and nonferrous metals in a collection of the 400 seats. The waste is either sent to the customer or processed at one of the 100 treatment centers and then resold. Customers include steel mills, foundries and smelters. The strategic objectives of the Scholz this group will in future focus more on trade and processing of iron and metal scrap and improve the capital structure and financial flexibility through retained earnings and increase inventory turns. Due the high global demand for raw materials and reduced energy consumption when compared to the melting of scrap smelting of ores in the long term is an increasing demand for secondary raw materials to be expected. The Scholz-bond is therefore attractive. Trading in secondary raw materials from the recycling of steel and nonferrous metal scrap worldwide is worth about 125 billion € and is dependent on the production rates of the steel mills and foundries, the consumption of the metal-processing industries and the current stocks in individual companies. For the production of steel and nonferrous metals, steel mills and foundries use, depending on the required quality and applications of materials, different proportions of primary raw materials (iron ore, pure metals, alloying elements) and secondary raw materials (scrap, scrap). While here in China, only to scrap an average of around 20% is used in steel production, this share in the U.S. is around 60%. In Europe the percentage of scrap is around 40%. Due to the increasing demand and higher costs of extraction of primary raw materials is long with a rising price trend in primary and secondary resources to be expected. Company Scholz AG and its subsidiaries are one of the leading companies in the iron- and metal recycling industry in Europe. In essence, the trade (bearing and distance business) with iron (Fe) and non-ferrous metal scrap (ferrous), sorting, loading and processing of these materials by pressing, shearing, cutting and shredding, and the provision of complex waste management and logistics services will be operated. In addition, the Scholz group engaged in the warehousing and trading range of special steel products (mainly wrought-and compression-enabled steels and tool steels), and testing, treatment, handling and processing of these steels. In addition, the Scholz group includes the areas of steel production in the Czech Republic and the forging and metal forming. Finally, aluminum smelters in Germany and Hungary as well as various other services are operated. Its customers include international companies such as voestalpine Steel, ArcelorMittal, ThyssenKrupp and Riva. The company has in-house developed treatment technologies and processes that are partly protected by patents. The processing skills for secondary raw materials will be further expanded through continued development of technological innovations. Thus, the recovery rates of over 94% of ELVs exceptionally high. dense network of collection purchases Scholz mainly in southern Germany, in the eastern provinces, in south-eastern Europe and in Australia, Denmark, New Zealand, North Africa, Austria and the U.S. ferrous and nonferrous scrap one, resulting from the loading and / or processing of metallic materials, dismantling and demolition work at or in the consumer sector (eg, old cars, washing machines, refrigerators, etc.). The main market of the Scholz Group is Germany with a share of about 41% in 2010. This is followed by the USA, Austria, Italy, China, Turkey, Belgium, Poland, Romania, Luxembourg and Slovenia. Especially in Germany, Austria and several Eastern European countries, Scholz a market leading position. customers are mainly electrical and converter steel, foundries and aluminum smelters. Scholz has 135 collection and processing centers in Germany and about 365 locations abroad. This has a strong Scholz and secured market position. The logistics capacity of the Scholz group are a clear competitive advantage. In Germany, all treatment facilities and storage space any more than the company's sidings. The fleet includes about 1,000 container trucks and more than 100,000 containers. High barriers to entry , particularly in Germany, high barriers to entry for competitors are, as new scrap yards are rarely approved and strict requirements must be met. Regarding the important for the recycling business, environmental risks, the scrap yards subject as requiring authorization systems to the Federal Pollution Control Act, the Federal Soil Protection Act and the EU REACH Regulation. business development , sales development of Scholz AG in 2009 was due to the effects of the financial and economic crisis and the associated fluctuations in the amount of volume and selling prices marked. After the sales have declined in fiscal year 2009 through the crisis-related drop in demand and lower prices, they increased in fiscal 2010 mainly due to the course of economic recovery, increased sales volume and higher prices to 4.5 billion euros. The tonnage increased by 25.8% to 10.5 million tonnes. The cost of materials in relation to total output has increased in the last fiscal year due to cost, which is reflected in a lower gross profit margin. Is critical to the commodity trading, however, calculated on the gross tonnage total, could be improved 2010th of funds , the strong growth of Scholz resulted in negative free cash flow and a high gearing. The management is now on consolidation and restructuring the debt to diversify funding sources and transit times wider. The proceeds from the bond issue will be used for partial repayment of a syndicated loan and for working capital. strategy , the objectives of the Scholz Group shall be to the future to focus more on trade and processing of iron and scrap metal. The steel plant in the Czech Republic and aluminum plants in Germany and Hungary will be continued as non-core activities. The capital structure and financial flexibility should by retained earnings and increase inventory turns improved. Conclusion: Overall, an increasing use of recycled steel and nonferrous metal scrap in the steel mills and foundries, and thus a positive environment for trade to be expected with secondary raw materials, as primary raw materials in future demand for raw materials can not completely cover and the use of energy in the melting of scrap, lower than in the smelting of ores. is the capital structure of the Scholz Group is in need of improvement. The concentration on core business and increasing inventory turns should improve the earnings situation in the coming years. Through increased retained earnings is expected to increase the equity ratio in the coming years. Potential debt and interest coverage ratios are guaranteed in our view. With the 8.500% coupon is attractive. Interested investors can subscribe to the loan directly via market orders in Frankfurt, and thus avoid a possible initial charge in Austria.
Reycylingkonzern benefited from rising demand for secondary raw materials
The recycling company Scholz AG, Essingen, issued a corporate bond with a volume of up to € 150 million. With a term of 5 years, the company offers a coupon of 8.500%. With sales of around EUR 4.5 billion Scholz is one of the world's largest recycling companies and the largest issuers, which have so far placed a bond issue to the public in Germany. The rating agency Euler Hermes Scholz rated "BB". The company operates in four business segments: iron (Fe) and non-ferrous metal (ferrous) scrap, steel trade and services and forging operations, aluminum products and other services, and services. the Fe - and non-ferrous scrap are the most important by far of business with a turnover rate of 89.3% together. The activities in this segment include the decentralized collection of scrap iron and nonferrous metals in a collection of the 400 seats. The waste is either sent to the customer or processed at one of the 100 treatment centers and then resold. Customers include steel mills, foundries and smelters. The strategic objectives of the Scholz this group will in future focus more on trade and processing of iron and metal scrap and improve the capital structure and financial flexibility through retained earnings and increase inventory turns. Due the high global demand for raw materials and reduced energy consumption when compared to the melting of scrap smelting of ores in the long term is an increasing demand for secondary raw materials to be expected. The Scholz-bond is therefore attractive. Trading in secondary raw materials from the recycling of steel and nonferrous metal scrap worldwide is worth about 125 billion € and is dependent on the production rates of the steel mills and foundries, the consumption of the metal-processing industries and the current stocks in individual companies. For the production of steel and nonferrous metals, steel mills and foundries use, depending on the required quality and applications of materials, different proportions of primary raw materials (iron ore, pure metals, alloying elements) and secondary raw materials (scrap, scrap). While here in China, only to scrap an average of around 20% is used in steel production, this share in the U.S. is around 60%. In Europe the percentage of scrap is around 40%. Due to the increasing demand and higher costs of extraction of primary raw materials is long with a rising price trend in primary and secondary resources to be expected. Company Scholz AG and its subsidiaries are one of the leading companies in the iron- and metal recycling industry in Europe. In essence, the trade (bearing and distance business) with iron (Fe) and non-ferrous metal scrap (ferrous), sorting, loading and processing of these materials by pressing, shearing, cutting and shredding, and the provision of complex waste management and logistics services will be operated. In addition, the Scholz group engaged in the warehousing and trading range of special steel products (mainly wrought-and compression-enabled steels and tool steels), and testing, treatment, handling and processing of these steels. In addition, the Scholz group includes the areas of steel production in the Czech Republic and the forging and metal forming. Finally, aluminum smelters in Germany and Hungary as well as various other services are operated. Its customers include international companies such as voestalpine Steel, ArcelorMittal, ThyssenKrupp and Riva. The company has in-house developed treatment technologies and processes that are partly protected by patents. The processing skills for secondary raw materials will be further expanded through continued development of technological innovations. Thus, the recovery rates of over 94% of ELVs exceptionally high. dense network of collection purchases Scholz mainly in southern Germany, in the eastern provinces, in south-eastern Europe and in Australia, Denmark, New Zealand, North Africa, Austria and the U.S. ferrous and nonferrous scrap one, resulting from the loading and / or processing of metallic materials, dismantling and demolition work at or in the consumer sector (eg, old cars, washing machines, refrigerators, etc.). The main market of the Scholz Group is Germany with a share of about 41% in 2010. This is followed by the USA, Austria, Italy, China, Turkey, Belgium, Poland, Romania, Luxembourg and Slovenia. Especially in Germany, Austria and several Eastern European countries, Scholz a market leading position. customers are mainly electrical and converter steel, foundries and aluminum smelters. Scholz has 135 collection and processing centers in Germany and about 365 locations abroad. This has a strong Scholz and secured market position. The logistics capacity of the Scholz group are a clear competitive advantage. In Germany, all treatment facilities and storage space any more than the company's sidings. The fleet includes about 1,000 container trucks and more than 100,000 containers. High barriers to entry , particularly in Germany, high barriers to entry for competitors are, as new scrap yards are rarely approved and strict requirements must be met. Regarding the important for the recycling business, environmental risks, the scrap yards subject as requiring authorization systems to the Federal Pollution Control Act, the Federal Soil Protection Act and the EU REACH Regulation. business development , sales development of Scholz AG in 2009 was due to the effects of the financial and economic crisis and the associated fluctuations in the amount of volume and selling prices marked. After the sales have declined in fiscal year 2009 through the crisis-related drop in demand and lower prices, they increased in fiscal 2010 mainly due to the course of economic recovery, increased sales volume and higher prices to 4.5 billion euros. The tonnage increased by 25.8% to 10.5 million tonnes. The cost of materials in relation to total output has increased in the last fiscal year due to cost, which is reflected in a lower gross profit margin. Is critical to the commodity trading, however, calculated on the gross tonnage total, could be improved 2010th of funds , the strong growth of Scholz resulted in negative free cash flow and a high gearing. The management is now on consolidation and restructuring the debt to diversify funding sources and transit times wider. The proceeds from the bond issue will be used for partial repayment of a syndicated loan and for working capital. strategy , the objectives of the Scholz Group shall be to the future to focus more on trade and processing of iron and scrap metal. The steel plant in the Czech Republic and aluminum plants in Germany and Hungary will be continued as non-core activities. The capital structure and financial flexibility should by retained earnings and increase inventory turns improved. Conclusion: Overall, an increasing use of recycled steel and nonferrous metal scrap in the steel mills and foundries, and thus a positive environment for trade to be expected with secondary raw materials, as primary raw materials in future demand for raw materials can not completely cover and the use of energy in the melting of scrap, lower than in the smelting of ores. is the capital structure of the Scholz Group is in need of improvement. The concentration on core business and increasing inventory turns should improve the earnings situation in the coming years. Through increased retained earnings is expected to increase the equity ratio in the coming years. Potential debt and interest coverage ratios are guaranteed in our view. With the 8.500% coupon is attractive. Interested investors can subscribe to the loan directly via market orders in Frankfurt, and thus avoid a possible initial charge in Austria.
Cat XL
Shizuka Minamoto
Speriamo. La 2017 la vorrei portare a scadenza.
fabriziof
Forumer storico
il tono mi ricorda un po' le promesse di petrol
se così non fosse potremmo far ripartire la zlomrexmania
- Stato
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