CreditSights logo
Forgot Password?

Hema

Search Results

Excerpts only. To access full content please login or request a free trial.

IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

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

HEMA: Going Dutch Again

Worth Watching: 18 Oct 2018, 11:33 PM ET - HEMA announced today that incumbent sponsor Lion Capital is to sell the business to Ramphastos Investments, Marcel Boekhoorn's private equity vehicle. No price has been disclosed for the transaction though we would be surprised if it were to reach ..
Focused

HEMA F2Q18/19: No Dutch Gold

Earnings Note: 28 Sep 2018, 12:03 AM ET - Another day, another retail sell-off with the evil Weather in the frame. The challenge is to know what was heatwave and what was fundamental. Efficiency continues to crank up, but the international metrics have gone into reverse. Why?

July 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jul 2018, 9:41 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of July.

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 
Focused

HEMA F1Q18: The Lion's Share

Earnings Note: 03 Jul 2018, 9:33 PM ET - The plain sailing part of the HEMA recovery trade is tailing off despite more uplift to come from FX/savings. The refi of the Dutch Lion PIKs comes into the mix now that sale talk is over and bonds are now vulnerable to negative outcomes.

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.

UK Retail Strategy: Brexit + Beast From The East

Strategy Analysis: 10 May 2018, 5:50 AM ET - An increase in the cost of imported goods triggered by the Brexit vote, the squeeze on consumer wages and the ‘Beast from the East’ have combined to dent the fortunes of UK retail.
Focused

HEMA FY17: Keep an Eye on the Yield to Wurst

Earnings Note: 12 Apr 2018, 10:16 PM ET - HEMA's extended period of self-help and rehabilitation therapies continue to have welcome benefits with another healthy uptick in margins in F4Q & FY17 and a pleasing downtick in leverage. We reiterate our Buy rec on both FRNs & SNs.

IG European Retail: The Fin Services Opportunity

Sector Analysis: 09 Apr 2018, 10:48 PM ET - We examine the place of consumer finance services in our IG/fallen angel European retail coverage.  

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.

IG/Fallen Angel UK Retail: Incomparable Christmas

Sector Analysis: 11 Jan 2018, 9:59 PM ET - Tesco, M&S, and John Lewis all reported 'Christmas' sales, each covering a different trading period.  

IG European Consumer: 2018 New Issuance

Sector Outlook: 21 Dec 2017, 9:59 PM ET - A brief look at possible investment grade and crossover European food & beverage and retail issuance in 2018.

2017 Euro Conference: HY Retail Transcript

Transcript: 12 Dec 2017, 4:05 PM ET - Case studies shine a light on causes of distress in the European HY Retail space.

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Sector

Refine Results