Please find our updated analysis on Emeria here.
for fear of being early, we are not yet making this a full position, but are allowing for some room to grow into it as the restructuring unfolds and mortgage production probably dips again this year. However, we think we can about gather enough intelligence from the rumour mill to slowly start building a position that should make between 10% and 15% p.a. for several years.
Read MoreThe bonds did better yesterday. €200m fresh equity (elsewhere rumoured to be €250m of 1.5L) isn’t the world on a €3.5bn cap stack. But for a
Read MoreReports that Emeria lenders are forming a coop mark a deterioration in expectations. The debt may be difficult for the company to
Read MoreEmeria’s results were disappointing yesterday, and bonds should have reacted more than they have. French B2C RRES is now well
Read MoreWe understand that the hired PJT, which explains some of the movement earlier this month. We don’t think the shareholders can materially threaten the
Read MoreRumour has it that Emeria has chosen PJT to address its balance sheet. We imagine a strategy that will include some level of
Read MoreRevenue was spot on and EBITDA even beat our estimates by as much as €10m. However, the Assurimo sale saw a
Read MoreWe are glad to have sold last week as the company disclosed the hire of CFO Laurent Carozzi, a change not previously announced to
Read MoreManagement did not comment on the senior equity rumours, but earlier in the call had already floated the idea of resuming M&A activity, now
Read MoreIncremental news on the Assurimo sale was scant, but within expectations. Overall, the results are fair. We will need to do more work on why Efficity would be
Read MoreThe sale of Assurimo to Odealim, another entity owned by TA Associates, promises to be very good news for bondholders. The deal, which mirrors the
Read MoreThe new Idea Pitch videos are now available: Amara NZero, Emeria, Kem One and Rekeep.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.
Fitch has maintained Emeria’s bond ratings at B and CCC for the senior secured and senior unsecured, respectively, but revised
Read MorePlease find our updated analysis of Emeria here.
It is June, and the end of Q225 is less than a month away. If the WC outflow still represented a problem, we’d have heard of it now. It’s inflows from here. The company’s strong market position in France should allow it to hold on to the Phenix cost savings, and
Read MoreQ1 results this morning are encouraging. EBITDA came in slightly ahead of expectations and WC was managed much more tightly, to the point where
Read MoreA downgrade is "not an option” were the words from management on the last call. Moody’s downgrade was on the cards, and apparently,
Read MoreThe call yesterday was as long as they usually are at Emeria, although the company’s policy to issue the financial report only a month later felt a little
Read MoreCrucially the company has not yet released the Q4 financial statements. Revenues are right on target and cost management has been some €10m worse than
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