Nivika’s outstanding bond issues trade close to our BB reference curve, which we view as fair. Earnings capacity is supported by relatively strong cash flow generation and a gradually strengthening credit profile over our forecast period, underpinned by a meaningful exposure to higher-yielding light industrial and warehouse assets. Leverage is expected to decline towards 10–11x net debt/EBITDA by 2027e. However, the relatively small and regionally concentrated portfolio, combined with an acquisi ....
