Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
CEDOLONE
Forumer storico
STRESSED/ DISTRESSED:
GRAZIE Brizione, la meglio delle overview !
CEDOLONE
Forumer storico
ti assicuro che sei riuscito a farmi andare la minima a 150 per qualche secondo ,tempo di leggere i posts sucessivi...
SempreFranco
Nuovo forumer
I' m sorry...come dicevo ho "girato" un' informazione errata
CEDOLONE
Forumer storico
bellaLi' Fabri , bravo .
A me ultimamente vanno quasi tutte piatte o storte ...
fabriziof
Forumer storico
Di partite aperte a rischio ne ho anch'io ,per questo cerco di togliere qualche castagna dal fuoco
CEDOLONE
Forumer storico
Edcon
estrapolo dal post di Brizione...
a me preoccupa non poco...
mi sa che allegerisco una delle 3 , anche se con una perdita di 6-8 punti...
amen
South African retail group Edcon said on its Q1 2014/15 results call that it is in discussions with other banks after the group's proposed secondary credit provider African Bank ran into regulatory issues. Edcon said in April it had signed term sheets with African Bank to be provide credit alongside primary provider Absa. But the deal faltered earlier this month when African Bank was placed under curatorship in South Africa after warning of massive losses and the need for c.ZAR 8.5bn (EUR 600m) in new capital. “Management was keen to reassure investors over the issue,” said a bondholder on the call, “by disclosing that a second credit provider was not a requirement under the covenants.”
Edcon reported another decline in credit sales during Q1, down 3.3% during the quarter and admitting it is “less competitive in our offering than our peers”. Credit sales made up 46.5% of sales in Q1, down from 50.8% prior year.
“Absa launched a new score card in May, asking for more documents to support the credit,” said one bondholder. The number of customer credit accounts fell 4.4% year-on-year to 3,598,000 in Q1. “Edcon and Absa continue to work to ensure a competitive offering and have identified new products for implementation in the current financial year,” the group said.
Edcon's retail sales were up 5.7% to ZAR 6,561m (EUR 642m), with main divisions posting higher sales: Edgars was up 6.3% to ZAR 3,399m (EUR 239m), Discount up 5.8% to ZAR 2,729m (EUR 192m) and CNA (stationery, books) up 0.9% to ZAR 449m (EUR 31.6m). Adjusted EBITDA was down 6.6% to ZAR 679m (EUR 47.8m) or 10.3% margin (11.7% in Q1 2013/14), due to clearance sales and on the other side to increased rental costs. “Management said that the market is under pressure, and Q2 will still have some clearance activity, but an improvement may come in the second part of the year,” said a bondholder.
Net debt was ZAR 22.7bn (EUR 1.6bn), leading to net leverage of 7.6x based on LTM EBITDA of ZAR 2.9bn (EUR 204m). In June, Edcon said that it had secured covenant amendments for its ZAR 2017 term loan but noted that they were not related to a breach or upcoming breach of the facility.
estrapolo dal post di Brizione...
a me preoccupa non poco...
mi sa che allegerisco una delle 3 , anche se con una perdita di 6-8 punti...
amen
South African retail group Edcon said on its Q1 2014/15 results call that it is in discussions with other banks after the group's proposed secondary credit provider African Bank ran into regulatory issues. Edcon said in April it had signed term sheets with African Bank to be provide credit alongside primary provider Absa. But the deal faltered earlier this month when African Bank was placed under curatorship in South Africa after warning of massive losses and the need for c.ZAR 8.5bn (EUR 600m) in new capital. “Management was keen to reassure investors over the issue,” said a bondholder on the call, “by disclosing that a second credit provider was not a requirement under the covenants.”
Edcon reported another decline in credit sales during Q1, down 3.3% during the quarter and admitting it is “less competitive in our offering than our peers”. Credit sales made up 46.5% of sales in Q1, down from 50.8% prior year.
“Absa launched a new score card in May, asking for more documents to support the credit,” said one bondholder. The number of customer credit accounts fell 4.4% year-on-year to 3,598,000 in Q1. “Edcon and Absa continue to work to ensure a competitive offering and have identified new products for implementation in the current financial year,” the group said.
Edcon's retail sales were up 5.7% to ZAR 6,561m (EUR 642m), with main divisions posting higher sales: Edgars was up 6.3% to ZAR 3,399m (EUR 239m), Discount up 5.8% to ZAR 2,729m (EUR 192m) and CNA (stationery, books) up 0.9% to ZAR 449m (EUR 31.6m). Adjusted EBITDA was down 6.6% to ZAR 679m (EUR 47.8m) or 10.3% margin (11.7% in Q1 2013/14), due to clearance sales and on the other side to increased rental costs. “Management said that the market is under pressure, and Q2 will still have some clearance activity, but an improvement may come in the second part of the year,” said a bondholder.
Net debt was ZAR 22.7bn (EUR 1.6bn), leading to net leverage of 7.6x based on LTM EBITDA of ZAR 2.9bn (EUR 204m). In June, Edcon said that it had secured covenant amendments for its ZAR 2017 term loan but noted that they were not related to a breach or upcoming breach of the facility.
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