Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate, vol.3

[fedro10]

Moody's Ratings upgrades Carnival Corporation's CFR to B1, outlook positive; downgrades taxable revenue bond issued by Long Beach (City of) CA

 

[fedro10]

Moody's Ratings takes rating actions on eight Turkish corporates following upgrade of Turkiye sovereign rating

 

[cpandrea]

nuovo bond preso in collocamento

A leading software-enabled full-service e-commerce specialist for underserved stationary retail

• Leading software specialist enabling stationary retailers without own online capabilities access to e-commerce channels
• With TPG’s proprietary platform software at the core, TPG acts a full-service e-commerce enabler for almost 12,000 stationary retailers (Partners)
• Listed business (€ 184m market capitalization) with continued strong family-backing from Mr. Benner as CEO and main shareholder

Diversified across 21 industry verticals for B2C and B2B customers

• Highly diversified business across 21 different industry verticals serving 4.4 million mainly B2C, but also B2B customers (LTM Q1-24)
• TPG operates own platforms and offers its Partners’ products on third party platforms such as Amazon, ebay, etc.
• No dependence on a single Partner or platforms limiting demand risks due to low correlation of end-markets

Attractive platform-based business model with deep value chain integration

• Attractive combination of software and e-commerce business with generally higher margins than e-commerce and lower cost base than software businesses, while the technology acts as differentiating factor driving Partner stickiness
• Platform model generally without taking own inventory risk and without direct selling pressure

Focus on underserved and fragmented verticals with e-commerce penetration potential

• Significant growth potential – while the overall e-commerce market is growing (10% CAGR 23-29 expected), on average less than 10% of businesses in Europe do not sell via market places
• Focus on highly fragmented niche markets with attractive product dynamics and ability to leverage TPG’s software platform

Low-risk M&A strategy leveraging TPG’s flexible software-solution

• TPG is targeting 50% of inorganic growth and has established a successful M&A track record with more than 20 acquisitions
• Focus solely on profitable online platform or e-commerce business with proven track record
• Within all targets TPG’s platform software is implemented and holding services offered to generate synergies and drive profits

Asset-light, profitability-focused business allowing attractive cash generation and moderate leverage

• Asset-light software-focused business with limited capex need and lean cost structure, allowing attractive cash conversion
• Full management focus on profitability – TPG has industry leading low marketing and distribution costs, driving margin expansion
• Moderate net debt to enterprise value of c.35% and conservatively calculated pro forma leverage of 3.1x based on LTM Q1-24 pro forma adj. EBITDA. Clear company guidance on further deleveraging

vendute le ultime TPG 2028 prese in collocamento a 102,51

 

[afrikabrass]

Sul sito Ferralum report (certificato) 2023 (primi 6 mesi della nuova società), e report aprile e maggio 2024, più o meno in linea col piano aziendale

Bonds | Ferralum Metals Group

 

[fabriziof]

Sui massimi dopo lo stacco

Eleving Group 13% 23/28 Bond | A3LL7M | DE000A3LL7M4 | Price

Eleving Group 13% 23/28 price in real-time (A3LL7M / DE000A3LL7M4) charts and analyses, news, key data, turnovers, company data.

www.boerse-frankfurt.de

 

[fedro10]

Royal Caribbean Cruises Ltd. | Moody's Ratings assigns a Ba2 rating to Royal Caribbean's new senior unsecured notes

 

[fabriziof]

https://www.fitchratings.com/research/non-bank-financial-institutions/fitch-assigns-iute-group-as-b-long-term-idr-outlook-stable-26-07-2024

 

[afrikabrass]

I report certificati Ferralum, ex Metalcorp, di cui sopra, sembrano abbastanza in linea col rassicurante piano aziendale (mancano però i primi mesi 2024). Sarebbe anche plausibile che dopo la ristrutturazione del debito, e scorporati i rami secchi, anzi idrovori della Metalcorp Guinea, gli asset europei (Bagr, Stokach, commerciale Steelcom + 39% di Italiana Coke) continuino a produrre come in passato, e che magari rimborsino nel 2026. Quel che semina dubbi è che tutto il gruppo Monaco Resources (oggi Sonel) va a picco, che non si vedono cedole da anni (vedremo per l’Mcom a settembre), che le nuove cedole per quanto in massima parte in Pik sono onerose (10-20%) e poco rollabili, e che la dirigenza è del tutto squalificata. Infine, la società di certificazione, Grant e Thornton, per quanto nota, non sembra propriamente un collegio di mammolette (coinvolta nel crack Parmalat e altri)

 

[fabriziof]

Eleving

Return to accelerated growth backed by historically highest profitability | Corporate - EQS News

www.eqs-news.com

 

[fabriziof]

Iutecredit in buona forma

IuteCredit Finance S.à.r.l. 11% 21/26 Bond | A3KT6M | XS2378483494 | Price

IuteCredit Finance S.à.r.l. 11% 21/26 price in real-time (A3KT6M / XS2378483494) charts and analyses, news, key data, turnovers, company data.

www.boerse-frankfurt.de