The last 15 months have seen an incredible rotation of risk and returns and many of the names that offered opportunities last year have done phenomenally well, either because the feared drop in revenues never occurred, or because

Please refer to our unchanged analysis here.

We are shelving our coverage on Loxam. We see the company as out of the woods following today’s results and call, and its bonds are now back to behaving similarly to other conventional High Yield names.

The Q3 20 results call has confirmed again our view that

Please find our unchanged analysis on Loxam here.

HSS Hire’s trajectory was very similar to Loxam’s. A significant decline in revenues and EBITDA in Q2 20, due to the impact of the coronavirus, was

Please find our updated model for the Q2 20 results here.

Loxam’s Q1 20 and Q2 20 results have shown that the company was not just another “French Hertz”, as the underlying exposure to the

So far, the underlying “counter cyclicality” of Loxam’s FCF has reasserted itself. Over the medium term, the valuation coverage over the subordinated bonds will depend on the extent of the recovery of Loxam’s key end market – construction. In this context, we highlight

Loxam released a preliminary trading update for Q2 20. The release generally confirms our view of the relative

Please find the updated Loxam model for Q1 20 results and call here.
The call was positive and Q1 Sales beat expectations, as does guidance for Q2.

As per our model, Loxam’s FCF

Please find the 1-pager here.

Despite the severe revenue contraction the company is likely to suffer in Q2 20, we estimate