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CeramTec

Ceramtec's business is comprised of two units: Medical Products and Industrials. The medical products business (36% of FY17 Sales) focuses on the developments and manufacturing of ceramic hip components. The industrial business segment (64% of FY17 Sales) develops, manufactures and supplies a broad range of highly specialized, performance critical high performance ceramic ("HPC") components, for companies in the automotive, defense, electronic, industrial machinery, medical equipment and chemical processing and water faucet cartridge markets. (21 Sep 2018)

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Focused

CeramTec 3Q18: Growth or Trouble on the Horizon?

Earnings Note: 28 Nov 2018, 9:02 PM ET - We reaffirm our Underperform recommendation as we see potential for further deceleration in sales growth in the Industrial segment and limited to no deleveraging subject to management's M&A ambitions. 

Air Liquide: 3Q18 Revenue Update

Worth Watching: 25 Oct 2018, 8:25 AM ET - Air Liquide (A3/A-) had released its 3Q18 revenues update on Wednesday, October 24. Reported sales were up 6.6% YoY at €5.27 bn while comparable sales were up 6.0% YoY after accounting for a negative currency impact (-1.2%) on the back of a stro ..

LIN/PX Merger: Conditional Approval from the FTC

Worth Watching: 22 Oct 2018, 10:22 PM ET - LIN/PX Merger Update: The FTC has granted a conditional approval for the Linde/Praxair merger subject to further asset divestitures. In addition to the assets Linde had already agreed to divest in July 2018, the FTC requires the sale of furthe ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.
Focused

CeramTec 2Q18: Volumes Up; Leverage Remains High

Earnings Note: 30 Aug 2018, 5:33 PM ET - We maintain our Underperform recommendation on the credit as current trading levels do not compensate adequately for the potential operating risks and high leverage ratios. 

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.

Basic Industries: 1Q18 In Review and a Look Ahead

Sector Analysis: 17 Apr 2018, 4:12 AM ET - We review the performance of the Basic Industries sector  YTD, comparing themes in our outlook with actual developments. We also talk about unexpected developments, and what we think will shape the balance of the year. 

Bayer: EC Approves Monsanto Deal, DOJ Remains

Worth Watching: 22 Mar 2018, 10:07 PM ET - Bayer 's (A3/A-) $66 bn acquisition of Monsanto (A3/BBB) was conditionally approved by the European Commission on Wednesday. The regulator's concerns surrounding competition and innovation following the merger seem to have been successfully addr ..

Chemicals Outlook 2018 (Part 6): Petrochemicals

Sector Outlook: 01 Feb 2018, 4:07 AM ET - A significant amount of ethylene derivative capacity is expected to continue to come online throughout 2018, pressuring prices and margins. Companies will attempt to counter the incoming capacity headwinds with rising plant utilization.

Chemicals 2018 Outlook (Part 5): Chlor-Alkali

Sector Outlook: 25 Jan 2018, 10:35 PM ET - With investment in chlor-alkali capacity effectively non-existent and positive manufacturing and construction trends around the globe, we expect operating rates around the world to rise in the medium term. 

Chemicals 2018 Outlook (Part 3): Industrial Gases

Sector Outlook: 21 Jan 2018, 10:14 PM ET - Improving PMI trends not only in North America, but also globally, bode well for Industrial Gas demand in 2018 and will perhaps help mark an end to the protracted period of decline in gas project backlogs.

Chemicals 2018 Outlook (Part 2): The Majors

Sector Outlook: 18 Jan 2018, 10:53 PM ET - M&A is still key within the Majors names as DWDP begins to deliver its promised synergies, Bayer looks to close the Monsanto deal, and BASF continues to opportunistically pick up assets, while riding momentum from its Chemical Segment.
Focused

Chemicals 2018 Outlook (Part 1): Specialty Chems

Sector Outlook: 17 Jan 2018, 11:12 PM ET - M&A is likely to play a large role for Specialty Chem names in 2018 as they seek exposure to higher margin products and emerging markets while rising raw materials costs may make it tricky for margins to navigate the year unscathed.

November 2017 Euro Company Recommendation Changes

Euro Recommendation Changes: 01 Dec 2017, 12:03 AM ET - Our monthly report provides executive summaries for the twenty-five companies recommendation changes made on European companies during the month of November.
Focused

CeramTec: Pass on the New Issue

HY Note: 29 Nov 2017, 10:56 PM ET - Investors should pass on CeramTec's 8-year, NC3 notes largely on unfavorable pricing and recommend waiting for a better entry point.
Focused

CeramTec: Issuing €1.1 billion of Term Loans

Worth Watching: 22 Nov 2017, 9:11 AM ET - CeramTec is in the market for roughly €1.1 billion of term loans consisting of a 7-year, €967 million tranche and a 7-year, €150 million tranche that will be dominated in USD. The proceeds from the term loans, in addition to a forthcoming bond ..
Focused

CeramTec 3Q17: Wait for the New Issue

Earnings Note: 20 Nov 2017, 10:53 PM ET - CeramTec will likely refinance its capital structure as BC Partners intends on acquiring the company for €2.6 billion. We will reevaluate our recommendation on the company after the new issue is priced.
Focused

CeramTec: Management Reiterates "No Call" On Bond

Earnings Note: 21 Aug 2017, 3:23 PM ET - Ceramtec posted healthy earnings growth despite some top-line anxiety. At the same time, management reiterated that it would not be calling the outstanding bond in 2017.

IG Basic Industries: Mid-Year Review

Sector Weightings: 14 Jul 2017, 5:30 AM ET - We review 1H17 performance for Basics compared to our outlooks, and then set the course for the remainder of the year, including some key themes and sector picks.
Focused

CeramTec 4Q16: Price Wounds But No-Call Healing?

Earnings Note: 04 Apr 2017, 9:59 PM ET - CeramTec annual 2016 results were stable, but price pressure will persist over the next twelve months.

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