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Metso

Metso is a global leader in the supply of machinery, processes and systems for various industries. Over half of Metso's revenues come from the mining industry, followed by a quarter of revenues coming from the aggregates industry. ~20% of revenues are from the process industry and ~5% is from the recycling industry. Metso operates two divisions: Minerals, which provides equipment and services for minerals processing, screening and crushing, and Flow Control, which provides services and equipment such as valves and pumps to various industries including oil and gas. ~75% of revenues come from the Minerals division, while services also makes up the bulk of revenues (~65%), compared to sales from equipment. The Finnish capital goods credit operates in over 50 countries globally, with a quarter of revenues coming from both Europe and Asia-Pacific. 20% of sales are from North America and South/Central America, while Africa and the Middle-East account for 10% of Metso's revenues. (27 Jun 2018)

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Focused

Metso: 2Q18 – Crushed It!

Worth Watching: 30 Jul 2018, 10:05 PM ET - Metso reported a very solid quarter with double-digit growth in orders, revenues and operating profit, with positive contributions from both the Minerals and Flow Control segments. Higher profitability fed through to an improvement in free cash ..

Schneider Electric: Finally Gets Around to L&T

IG Note: 02 May 2018, 12:11 PM ET - Schneider Electric announced that it has reached an agreement to acquire the Electrical and Automation business from Larsen & Toubro (L&T), with limited impact on credit metrics. Bearing this in mind, we move to a M/P on SUFP's bonds.
Focused

Metso 1Q18: Growth From Higher Market Activity

Earnings Note: 25 Apr 2018, 10:09 PM ET - Metso reported top- and bottom-line growth among an increase in market activity. Credit metrics improved and we continue to remain comfortable with the credit and maintain our Outperform recommendation.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.
Focused

Metso 4Q17: Very Good Potential For The Future?

Earnings Note: 04 Feb 2018, 9:48 PM ET - Metso reported mixed 4Q17 results with higher revenues and orders but lower adj. EBITA margins. Credit quality remained solid with adj. net leverage of 0.6x as of end-4Q17. We maintain our Outperform recommendation on Metso’s bonds.

CNHI 4Q17: Supportive Positive Trends

Earnings Note: 31 Jan 2018, 9:11 AM ET - CNHI reported results highlighting positive trends in end-market demand which contributed to better operating performance. Credit metrics continue to strengthen at the Capital Goods bellwether and we maintain our O/P on CNHI bonds.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

2017 Euro Conference: IG Autos & Cap Goods

Transcript: 19 Dec 2017, 11:25 PM ET - In this presentation we discuss four trends in the Auto and Capital Goods sectors – Automation, Electrification, Autonomous driving and Renewable Energy – and the steps being taken to adapt corporate strategies and evolve with the times.

CNH Industrial: Issuing New 10Y US$ Bonds

Worth Watching: 09 Nov 2017, 1:23 PM ET - CNH Industrial is issuing new 10-year US dollar bonds out of the CNH Industrial N.V. (parent) entity. CNH Industrial has one other US$ bond outstanding at the parent level, the 4.5% 8/2023 bond (Ba2/BBB -/BBB-), which trades at a spread of G+12 ..
Focused

Metso 3Q17: Underlying Strength

Earnings Note: 24 Oct 2017, 8:11 PM ET - Metso revenues were up by mid single digits in 3Q17 and order intake growth was very strong. Profitability was impacted by one-off charges, but the underlying trend was solid supported by improving end-markets. We maintain O/P on Metso.

Rental Cases: URI M&A Stays Hot, H&E Misses

Sector Analysis: 17 Aug 2017, 12:01 PM ET - Rentals activity stays hot as favorable secular trends, consolidation of a fragmented industry, and a waiting game for tax reform and infrastructure details remains the order of the day. URI stays true to its history of M&A focus.

July 2017 Europe Company Recommendation Changes

Euro Recommendation Changes: 01 Aug 2017, 10:59 AM ET - Our monthly report provides executive summaries for the fourteen companies recommendation changes made on European companies during the month of July.
Focused

Metso 2Q17: Tough Quarter But Move to O/P

Earnings Note: 25 Jul 2017, 12:59 PM ET - Metso reported revenues and profits below market expectations in 2Q17, even though orders are ticking up and end-market demand is gaining traction. At current levels, we move to an Outperform view on Metso bonds.
Focused

Metso: Issuing EUR 300 mn of 7Y Bonds

IG Note: 30 May 2017, 7:44 PM ET - Metso is in  the market with a new a €300 mn 7-year bond. We would view pricing around the 1.25% area or higher as attractive. In parallel, the company launched a tender for its €400 mn 2.75% 2019 bonds. 
Focused

Metso: 1Q17 Sales & Earnings Improved

Worth Watching: 25 Apr 2017, 8:56 PM ET - Metso (Baa2/BBB) reported revenues above market expectations, with improved activity from the mining and oil and gas sectors. First quarter revenues were €648 mn, above the Bloomberg consensus figure of €622 mn.  Revenues were up 7.8% YoY (+4% ..

Trump, Trade, Germany, and the EU

Strategy Analysis: 08 Mar 2017, 11:15 PM ET - The Trump team focuses on a bilateral deal with Germany distinct from the EU and sets the stage for more tension. We frame the US-Germany trade deficit for 2016 at the industry level.  Trade edges ahead of the Fed as a risk variable?

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
Focused

Metso: 3Q16 Earnings Down, Strong Credit Metrics

Worth Watching: 21 Oct 2016, 9:48 AM ET - Metso (Baa2/BBB) reported another quarter of revenues and earnings below market expectations, amid lower demand from mining and oil and gas sectors. Third quarter sales stood at €638, below the Bloomberg consensus figure of €658 mn. The rate o ..

Industrials: Sector Update & 3Q16 Preview

Sector Analysis: 17 Oct 2016, 5:16 AM ET - In this report we update end-market color, highlight areas of focus during 3Q16 earnings season, discuss potential capital market activity, and feature some credits to watch such as CAT, DE, ETN, GE, JCI, PNR, UTX, and XYL.

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