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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.
Focused

Nomad Foods 3Q18: Peas Please Me

Worth Watching: 08 Nov 2018, 9:23 PM ET - Nomad Foods 3Q18 earnings' report had a reassuring tone to it as the frozen food consolidator announced a topline beat and a slight upward revision to FY18 guidance. Management are now guiding us to FY Adjusted EBITDA at the upper end of the pri ..

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.

IG European Food & Bev/HPC: New Names in the Frame

Sector Analysis: 15 Oct 2018, 11:29 PM ET - Amendments to our investment grade European IG food & Beverage/HPC membership, left us downgrading our opinion on Barry Callebaut but upgrading our recommendation on Nestlé.            
Focused

Nomad Foods 2Q18: Veggie Power

Worth Watching: 12 Aug 2018, 9:55 PM ET - Nomad Foods 2Q18 was more of the same with ongoing progress in delivering upside in key product ranges and further evidence of integration of its series of acquisitions. Most of the interest on the call related to progress in absorbing Goodfellas ..

IG European Food & Bev/HPC: 2H18 Opinion Changes

Sector Outlook: 05 Jul 2018, 9:38 PM ET - We set out specific bond choices to execute our new opinions on AB InBev, Pernod and Reckitt Benckiser. 

IG European Food & Bev/HPC: Second Half

Sector Outlook: 03 Jul 2018, 9:32 PM ET - AB InBev falls to a Market performer as a result of our European food & bev/HPC 2H18 outlook. 

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? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.
Focused

Nomad Foods 4Q17: As Advertised

Worth Watching: 23 Mar 2018, 11:32 AM ET - Nomad Foods 4Q17 and FY17 numbers came in as advertised with the guidance that fourth quarter would mark an upswing in revenues and margins fulfilled. Indeed 4Q17 organic revenue up 5.6% and gross margins up 350 basis points to Adjusted EBITDA ..

Boparan / Nomad Foods: Pizza Delevery

Worth Watching: 18 Jan 2018, 6:59 AM ET - Boparan / Nomad Foods: Boparan (B3/B-), where we have a Hold recommendation (please see Boparan:F1Q18 - The Credit That Santa Claus Forgot from 7 December 2017), is selling its Frozen Pizza businesses within Green Isle Foods Limited to Nomad Foods ..

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 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.

IG European Consumer: 2018 Outlook Opinion Changes

Sector Outlook: 11 Dec 2017, 9:29 PM ET - We set out more on our five opinion changes in European food & beverage and retail for 2018 and give specific bond recommendations in order to execute them. 

2017 Euro Conference: IG Consumer

Transcript: 11 Dec 2017, 8:47 PM ET - We spoke about our outlook for our high grade and crossover European food & beverage and retail names in 2018, the 50th anniversary of the Apollo 8 space mission.

IG European Consumer 2018: M&A Orbits

Sector Outlook: 07 Dec 2017, 9:37 PM ET - We have updated our frameworks for assessing relative value in our high grade and crossover European food & beverage and retail names for 2018, the 50th anniversary of the Apollo 8 space mission, and have made five changes to our opinions.
Focused

Nomad Foods: 3Q17 - Waiting for M&A

Worth Watching: 29 Nov 2017, 8:22 PM ET - Nomad Foods (B1/BB-) 3Q17 report had a familiar complexion with another slight upward revision to FY17 adjusted EBITDA guidance (to €325-327 mn from €320-325 mn) reflecting ongoing progress in the core business and momentum in the transformatio ..

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   
Focused

Nomad Foods: Peas Please Me

Worth Watching: 25 Aug 2017, 4:30 AM ET - Nomad Foods (B1/BB-) had previously flagged up expectations of a good second quarter, supported by the late Easter, and this was delivered with no major surprises and with tangible progress in its core product ranges as its Must Win Battles stra ..

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