The removal of the Russian business, alongside a good set of 23Q3 results, opens the way for Bain/Cinven to dispose of Nidda. Another PE buyout seems
Read MoreMoving the Russian business outside the Restricted group will allow for a cleaner sale/IPO process. The timing of the announcement points to imminent
Read MoreThe sale/IPO might be back on with banks pitching debt packages for a potential buyout. The valuation of €10bn is in line with the previous IPO
Read MoreWe are not surprised that Bain and Cinven are eyeing a sale of Stada. A potential IPO was on the table before the conflict in Ukraine broke out. With the war
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Aengus is back tomorrow to comment fully on Nidda, but the Q2 numbers show continued growth coupled with improving EBITDA margins driving a 12% increase in EBITDA. This has led
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Nidda beat our top-line forecast by €30m, generating €1,041m, and a Gross Margin of 46% was above our forecast. However, higher
Read MoreThe remaining €247.2m 3.5% 24 SSNs will be repaid by Nidda on 22 May 23 using the €250m TL G announced a week ago. Our model had an interest cost of
Read MoreNidda has now completed its amend and extend exercise, and between the term loan and cash on hand, the remaining €400m of 3.5% of 24 SSNs can be
Read MoreMoody’s downgrade of Nidda’s bonds reveals a potential wrinkle to maturity management operations. However, from the issuer's perspective, shifting maturities is about protecting the
Read MoreNidda’s liability management exercise announced yesterday should significantly reduce its 2024 maturities leaving just €400m of SUNs in 2025 to refinance (if no
Read MoreThe virtual closure of the high-yield market is causing issuers and investors to fret about 1) When will the high-yield market re-open for highly leveraged names, and 2) the coupons
Read MoreQ322 results were better than our model due to top-line growth above the market (FX Adjusted). Gross margin improvement of 100bp was aided by a
Read MoreWe’ve had a 40min discussion on Nidda this morning and have put the relating video on the website.
Read MoreDr Wolfgang Ollig, Global CFO of Stada, has died suddenly. Boris Dobler (VP of Global Financial Planning and Analysis) has temporarily
Read MorePlease find our initiation of Nidda BondCo here.
In recent weeks any exposure to Russia has brought increased scrutiny Nidda has come under the microscope. There is plenty of potential
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