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Schneider Electric

French engineering group Schneider Electric is a global leader in manufacturing equipment for electrical power distribution, industrial control and industrial automation. Operations are currently divided in 4 businesses: Buildings/Low Voltage (44% of revenues), Industrial Automation/Industry (24%), Infrastructure/Medium Voltage (18%) and IT/Secure Power (15%). SUFP is well diversified geographically with 27% of revenues coming from Europe, 28% from Asia-Pacific, 27% in North America and 18% from the rest of the world. (05 Jul 2018)

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Focused

Schneider Electric 1H18: Growth from All Segments

Earnings Note: 30 Jul 2018, 9:03 PM ET - SUFP reported a solid 1H18 with LFL revenue growth at all segments including Medium Voltage. We are of the view that Schneider will benefit from a lack of exposure to the traditional power generation segment vs close cap goods peers.
Focused

Schneider Electric: Issuing 9Y Bonds

IG Note: 13 Jun 2018, 6:01 AM ET - Schneider Electric are in the market this morning with 9Y bonds and extending its maturity profile. At price guidance, new issue offers a yield pick-up of ~25 bp to SUFP's existing bonds and we would would be buyers down to MS +60/65 bp.

May 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the fifteen companies recommendation changes made on European companies during the month of May.
Focused

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

ABB and Schneider Electric: 1Q18 Performance

Earnings Note: 22 Apr 2018, 10:39 PM ET - ABB reported 1Q18 earnings and Schneider Electric reported 1Q18 revenues, with LFL revenue growth higher at SUFP compared to ABB. We continue to see event risk being higher at SUFP compared to ABB and maintain U/P on SUFP and M/P on ABB.

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

SUFP 2H17: Solid Results but what about Event Risk?

Earnings Note: 18 Feb 2018, 8:41 PM ET - Schneider Electric reported solid results and credit metrics improved. While we acknowledge that the market will support SUFP in 2018, we are of the view the event risk is still present and maintain our U/P recommendation on its bonds.

ABB 4Q17: Mixed End to Transition Year

Earnings Note: 11 Feb 2018, 9:55 PM ET - ABB reported a mixed 4Q17 with weakness at some divisions, although credit metrics improved YoY.  Execution risk is on the cards during 2018, while ABB integrates recent and oncoming acquisitions. We maintain our M/P view on ABB.

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.
Focused

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.
Focused

Schneider Electric: Pass on the 9-Year notes

Worth Watching: 07 Dec 2017, 5:01 AM ET - Schneider Electric (Baa1/A-) is issuing €600 mn in 9-year notes (December 2026 maturity). Initial Price talk is in the MS +40 bp area, which implies a yield of approximately 1.08%. The new issue extends SUFP's euro curve beyond the €300 mn 1.841 ..

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

ABB & Schneider Electric: 3Q17 Performance

Earnings Note: 29 Oct 2017, 11:54 PM ET - Large M&A looks less likely at ABB vs. SUFP over the near term given ABB's acquisition of GE's Industrial Solutions business, with rumours that SUFP may still make a large acquisition. We switch to M/P on ABB and remain U/P on SUFP bonds.

ABB: Buys GE’s Industrial “Orphan” for $2.6 bn

IG Note: 25 Sep 2017, 12:30 PM ET - ABB announced the acquisition of General Electric's Industrial Solutions business for $2.6 bn, with the deal expected to close in 1H18. We maintain an Underperform recommendation on ABB euro and US dollar bonds.
Focused

Schneider Electric: Third Time Lucky With Aveva

IG Note: 06 Sep 2017, 10:05 AM ET - SUFP announced the merger of its Industrial Software business with Aveva Group plc, a UK based software provider, and  we view the transaction as a marginally credit positive for SUFP. We remain Underperform on SUFP euro-denominated bonds.

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.
Focused

SUFP 1H17: Strategic Review, New M&A, Back to U/P

Earnings Note: 30 Jul 2017, 6:59 PM ET - SUFP reported results for 1H17 which were positive, albeit in line with expectations, however, we revert to an Underperform recommendation on SUFP euro-denominated bonds, in the view of the spread tightening following the French elections.

ABB: New EUR Benchmark 2024 Bond

IG Note: 09 May 2017, 8:30 AM ET - ABB is issuing a new €750 mn 7-year bond, maturing in May 2024. In view of the final terms we are not keen on the bonds given where we expect them to trade in the secondary market.

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