The last 15 months have seen an incredible rotation of risk and returns and many of the names that offered opportunities last year have done phenomenally well, either because the feared drop in revenues never occurred, or because
Read MorePlease refer to our unchanged analysis here.
We are shelving our coverage on Loxam. We see the company as out of the woods following today’s results and call, and its bonds are now back to behaving similarly to other conventional High Yield names.
The Q3 20 results call has confirmed again our view that
Read MoreSo far, the underlying “counter cyclicality” of Loxam’s FCF has reasserted itself. Over the medium term, the valuation coverage over the subordinated bonds will depend on the extent of the recovery of Loxam’s key end market – construction. In this context, we highlight
Read MoreLoxam released a preliminary trading update for Q2 20. The release generally confirms our view of the relative
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