Beh i minatori da qualche parte dovranno pure andare a mangiare
scusami, bastava fare una ricerca con l'isin....
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
Gaudente
Forumer storico
Col capitombolo di oggi a 2,10 euro l'azione capitalizza appena 200 milioni , difficile riuscire ad imporre al mercato un aumento di capitale di pari importo.
Inoltre (estratto dal loro comunicato http://www.astaldi.com/sites/astaldi16corp/files/2017_11_14_astaldi_press_release.pdf)
In relation to recent negative and serious developments in the country, and in light of the findings of studies conducted with the help of an independent expert and international network, the Company while making a conservative assessment and adopting a cautious attitude, calculated the value of said exposure to be approximately EUR 203 million (from the nominal figure of EUR 433 million at 31 December 2016), reporting impairment of approximately EUR 230 million, even if it does not feel that the conditions are such as to presume complete loss of its claims. If we are to exclude the consequences of impairment, the Group was able to confirm a good performance
Ovvero se ho ben capito la svalutazione effettuata nel terzo trimestre ha ridotto il valore a bilancio del credito a 203 milioni , che restano a rischio e comunque inesigibili sine die. Se svalutato a zero l'equity si ridurrebbe a 370 milioni circa con un leverage da junk bond.
Insomma non e' spacciata , ma i rischi sono reali.
Ventodivino
מגן ולא יראה
JPM conferma l'underweight.
Piccolo estratto da report odierno :
In our view Astaldi is in an increasingly binary situation with a successful capital increase potentially buying Astaldi time to complete disposal of its shareholder loan in the 3 rd Bosphorus bridge (expecting c.€200m from this) and potentially also its equity stake (€167m book value, no guidance on potential proceeds). Even with success in these transactions we don't think it will solve Astaldi's problems of excessive leverage and negative cash flow, but these actions may support refinancing of its short term debt and give Astaldi more time to grow EBITDA and complete further disposals. If Astaldi sees liquidity pressures in the coming months from failure to roll bank lines or pressures on working capital, or if it fails to execute its capital increase early next year, we think the business could unwind quickly. In this case we think recoveries on the bonds are likely to be low given the potential for the construction business working capital to unwind and burn cash, challenges winning new contracts and a potential discounts on its asset sales in a distressed scenario. We maintain our Underweight recommendation on Astaldi (2020 bonds 85.3pt, 13.2% YTW, 14-Nov 4pm). We think short term liquidity risks and execution risks on the capital increase, debt refinancing, working capital stabilization and assets disposals (€670m targeted in 4Q17-FY19) are high. Risks to our rating include successful capital increase and refinancing activity, EBITDA growth, working capital improvement, positive cash flow and asset disposals
Piccolo estratto da report odierno :
In our view Astaldi is in an increasingly binary situation with a successful capital increase potentially buying Astaldi time to complete disposal of its shareholder loan in the 3 rd Bosphorus bridge (expecting c.€200m from this) and potentially also its equity stake (€167m book value, no guidance on potential proceeds). Even with success in these transactions we don't think it will solve Astaldi's problems of excessive leverage and negative cash flow, but these actions may support refinancing of its short term debt and give Astaldi more time to grow EBITDA and complete further disposals. If Astaldi sees liquidity pressures in the coming months from failure to roll bank lines or pressures on working capital, or if it fails to execute its capital increase early next year, we think the business could unwind quickly. In this case we think recoveries on the bonds are likely to be low given the potential for the construction business working capital to unwind and burn cash, challenges winning new contracts and a potential discounts on its asset sales in a distressed scenario. We maintain our Underweight recommendation on Astaldi (2020 bonds 85.3pt, 13.2% YTW, 14-Nov 4pm). We think short term liquidity risks and execution risks on the capital increase, debt refinancing, working capital stabilization and assets disposals (€670m targeted in 4Q17-FY19) are high. Risks to our rating include successful capital increase and refinancing activity, EBITDA growth, working capital improvement, positive cash flow and asset disposals
gualberto
Charlie don't Surf
In compenso hanno pagato tenet
da un articolo si evince che c'è pressione sulle HY europee e soprattutto sul settore di costruzioni a causa della Astaldi, dove includono anche la Saipem e la Aldesa.
Magician
Forumer attivo
Ciao, IMHO se è per mediare e tenere poi due lotti... è presto, perchè non si è ancora del tutto chiarito come avverrà il rafforzamento patrimoniale da 200+200 milioni
Inoltre devono ancora uscire alcuni giudizi di analisti "pesanti", che ovviamente ridurranno il rating sulla società e sui suoi bond
Se invece sei un trader attivo, allora non mi permetto di dare assolutamente "consigli", dal momento che con un'alta volatilità dei titoli, c'è chi riesce a guadagnarci anche quando il titolo scende.
