Following their recent jump, bonds will struggle to do any better on the Q126 release. Revenues in the LPCS division beat our expectations by

The FY25 report should not move the bonds. Revenue came in on target, but IFRS 16 EBITDA was better by €4m. Another €6m of incremental €6m of

Please find our updated analysis on Fedrigoni here.

Considering the renewed sell-off of luxury equities this year, the bonds once again look richer than Fedrigoni’s end clients. While GY26 should largely

Guidance on yesterday’s call was positive. Management is seeing volumes bottom out around current levels, which means there will be

Mixed Signals. LPCS revenues are down significantly, even as fillers are keeping the machines running. At EBITDA level, however, the division has

Please find our initiation on Fedrigoni here.

There must have been a period when Italians produced only paper; such is their density of abandoned paper mills. Particularly, the north of the country is littered with forgotten sub-scale sites that went out of business long ago. We may be biased, but we struggle to think of any paper/packaging HY issuer that has never been in trouble. Please let us know if you can think of one.