At first glance Q4 was weaker than expected, but adjusted for the XO items, the underlying development is good. The refinancing risk is significantly reduced on the back of the private placement and bond buy-backs, and further comfort is provided by our SOTP suggesting a significant security foundation for bondholders. We foresee a further improved credit profile ahead and retain our outperform recommendation.
28 Feb 2020
Strengthened capital structure, reduced refi risk
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Strengthened capital structure, reduced refi risk
At first glance Q4 was weaker than expected, but adjusted for the XO items, the underlying development is good. The refinancing risk is significantly reduced on the back of the private placement and bond buy-backs, and further comfort is provided by our SOTP suggesting a significant security foundation for bondholders. We foresee a further improved credit profile ahead and retain our outperform recommendation.