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Nemak: 3Q18| NA in the Driver's Seat

Worth Watching: 16 Oct 2018, 10:41 PM ET - Nemak (Ba1/BB+) turned in a set of healthy 3Q18 results characterized by top and bottom line expansion. The firm saw revenues increase a healthy 11.7% YoY to MXN 21.9 bn and 4.8% to US$ 1.2 bn, primarily driven by stronger volumes, which were u ..
Focused

Nemak 2Q18: Staying the Course

Earnings Note: 19 Jul 2018, 11:08 PM ET - We maintain our recommendations on Nemak, and we continue to like its business profile and positioning. On valuation relative to the EM BB Index we see better opportunities, but Nemak EUR bonds still look attractive. 

April 2018 US Company Recommendation Changes

US Company Recommendation Changes: 30 Apr 2018, 9:22 PM ET - Our monthly report provides executive summaries for the twenty-six company recommendation changes made on North American companies during the month of April.
Focused

Nemak 1Q18: Moving U/P on USD, Maintain M/P on EUR

Earnings Note: 20 Apr 2018, 5:00 AM ET - We continue to like Nemak's business profile and positioning despite some recent softness. We are downgrading Nemak's USD bonds on valuation relative to the EM BB Index, but find EUR bonds well positioned vs. the broader EU HY BB Index. 

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.

February 2018 US Company Recommendation Changes

US Company Recommendation Changes: 28 Feb 2018, 11:30 PM ET - Our monthly report provides executive summaries for the thirty-four company recommendation changes made on North American companies during the month of February.
Focused

Nemak 4Q17: Softer Industry Backdrop, Move to M/P

Earnings Note: 13 Feb 2018, 10:47 PM ET - While we remain constructive on Nemak's operating profile, we expect softer industry conditions to weigh on results over the next 9 to 12 months, limiting additional upside potential, and, accordingly move to Market perform on the name.

NAFTA: Economic Neurosis Time?

Strategy Analysis: 18 Oct 2017, 11:31 PM ET - The economic/political risk favors NAFTA tweaks rather than withdrawal while rising political tension or intra-GOP political strain could undermine tax bill progress. We look at some of the ugly issues out of NAFTA round four.
Focused

Nemak 3Q17: Navigating Cyclical + Political Bumps

Earnings Note: 18 Oct 2017, 8:48 AM ET - Nemak weaker YoY 3Q results reflected the cyclical softness and shift in production mix in its core North American markets, and lag in aluminum price increase pass-through.  Credit metrics are still stable and we find the yields attractive.
Focused

Nemak 2Q17: Mixed Results | Maintain O/P

Earnings Note: 27 Jul 2017, 10:47 PM ET - Nemak 2Q17 results were mixed with good top line growth, but EBITDA was impacted by lower volumes in North America, negative metal price lag, and higher expenses. Despite the recent outperformance in bonds, we still like the Nemak story.
Focused

Nemak 1Q17: Mixed Results | Maintain O/P

Earnings Note: 25 Apr 2017, 10:59 PM ET - Nemak 1Q17 results were mixed with healthy top line growth, but EBITDA was impacted by increase in input costs. Despite the recent outperformance in bonds, we still like the Nemak story and view it as a crossover IG candidate over time.  

March 2017 Company Coverage Initiated

Company Coverage Initiated: 02 Apr 2017, 4:24 PM ET - Our monthly report provides executive summaries for the ten company on which we launched coverage in the US, Europe, and Asia during the month of March.
Focused

Nemak Initiation: Marketing Euro HY Bond

Company Spotlight: 08 Mar 2017, 11:15 PM ET - Nemak, a Mexico based auto component supplier is marketing €500 mn 7 year notes mainly to refinance its existing unsecured bank loans and diversify its funding sources to better balance its regional revenues and liabilities.

US Autos: 4Q NA Output Still Set for Strong Finish

Worth Watching: 09 Oct 2014, 9:28 PM ET

US Autos: 4Q14 NA Production Plan at Record Levels

Worth Watching: 17 Sep 2014, 10:17 PM ET

US Autos: Trucks Drive 3Q NA Production Higher

Worth Watching: 11 Aug 2014, 9:43 PM ET

US Autos: Record 3Q Production Schedule Upgraded

Worth Watching: 15 Jul 2014, 9:39 PM ET

US Autos: Record 3Q NA Production Planned

Worth Watching: 08 Jun 2014, 9:55 PM ET

US Autos: Robust 1H14 NA Vehicle Production Trends

Worth Watching: 05 May 2014, 11:46 PM ET

US Autos: 1H14 NA Production Plans Get a Boost

Worth Watching: 06 Apr 2014, 10:09 PM ET

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