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Research Tree provides access to ongoing research coverage, media content and regulatory news on PARGESA HOLDING SA-BR. We currently have 2 research reports from 1 professional analysts.
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PARGESA HOLDING SA-BR
PARGESA HOLDING SA-BR
Less downwards pressure to be expected on the share price
18 Jul 16
During 2015, the euro’s depreciation against the Swiss franc was not the only factor impacting the stock price downwards. As we noted (see our Latest dated 07/08/2015), one of the historical key partners of Pargesa, BNP Paribas, issued exchangeable bonds for Pargesa Holding SA bearer shares. Issued respectively in 2012 and 2013 with an interest rate of 0.25% and admitted to trading on the Euro MTF market in Luxemburg, these bonds were due to mature respectively in 2015 and 2016. Last year, the exchanges led, in all likelihood, to the subscribers selling the received shares in exchange on the market. At 31/12/2014, BNP Paribas still held 11.15% of Pargesa. We have estimated that the bonds could enable BNP Paribas to divest 9% globally. The bank’s position was 6.1% at the end of 2015 (and 3.3% of voting rights). 7% of Pargesa’s capital was consequently sold during the year. Some outstanding bonds may not yet have been exchanged or reimbursed and could lead to further sales of Pargesa shares during 2016. Pargesa noted in its 2015 Annual Report that 2.6% of the voting rights were “__conferred on exchange rights__”. This means that these exchange rights relate primarily to bonds issued in March 2013 by BNP Paribas, maturing in 2016 and exchangeable for Pargesa Holding SA bearer shares. We do not have any information on the situation to date. But the impact might not be as great as in 2015.
Not so graceful last steps to BNP exit
07 Aug 15
The H1 15 consolidated net income amounted to CHF399m (compared with CHF378m in H1 14), including the following items: 1) Pargesa’s share of the partial reversal of the impairment previously recorded by the subsidiary GBL on its holding in Lafarge (CHF221m), 2) Pargesa’s share of the capital gain generated from GBL’s sale of 0.1% of Total (CHF34m), 3) the net gain resulting from the delivery by GBL of Suez Environnement shares to bondholders who exercised their exchange rights early (CHF14m), and 4) the impact of the euro’s depreciation against the Swiss franc since the beginning of the year (an average €/CHF exchange rate of 1.06 in H1 15 compared with 1.22 in H1 14, i.e. a yoy decline of 13.6%), since most income derives from GBL’s contribution which is denominated in euros. Pargesa’s accounts recorded and will record over the year 2015 the transactions carried out by GBL (for more details, see our Latest dated 05/08/2015 on GBL): • The deconsolidation as associate of Lafarge in the group’s accounts, as a consequence of the success of the tender of the Lafarge shares to the public exchange offer launched by Holcim for the purpose of building in July 2015 the merged group LafargeHolcim, in which GBL would hold 9.43% of the share capital; • the dilution of GBL’s shareholding from 56.5% at 31/12/2014 to 53.2% in Imerys share capital, the acquisition by Imerys of the Greek group S&B being partly paid in shares; • the forward sales concluded by GBL on 10.3m shares of Total (0.4% of the share capital) at an average spot price of €48.17 per share, leading to a capital gain of about CHF130m Pargesa’s share; • the further implementation of GBL’s diversification strategy through the development of “Incubator”-type investments, with the stakes acquired in Umicore (13.1%), Ontex (7.4%) and now Adidas (about 3%); • within GBL’s “Financial Pillar”, Sienna Capital and Ergon Capital Partners funds continued to invest in a certain number of companies and disposed of their stakes in other companies, generating capital gains. An amount of CHF12m will be recorded by Pargesa in Q3 15. On the financial side, Pargesa Holding SA issued a CHF150m Swiss domestic bond in order to increase its financial resources and partially fund the redemption of its 2.5% bond of CHF150m maturing in November 2016. Issued in March 2015, the new bond pays an annual coupon of 0.875%, is redeemable in April 2024 and significantly increased Pargesa’s average debt maturity. Concerning the company's organisation, the Vice Chairman of the Board of Directors and Executive Director Albert Frère did not seek another term as Director (see our Latest dated 03/02/2015) and his son Gérald Frère replaced him as Executive Director, following the Annual General Meeting held in May 2015.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.