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CONSUMER CYCLICALS: Adecco Group (ADENVX; Baa1 Stable/BBB+ Neg) Guidance

CONSUMER CYCLICALS

WNG €300m 8Y Guidance +135a vs. FV +125 (10bp NIC)

  • -20 in from IPT, books>€980m - pricing is weak
  • We do NOT see value at FV - which is set based on secondary (spread wide on the low cash px lines).
  • Note 3Q earnings come on 5th of Nov.
  • CoC, 3m par call
  • UoP is left broad but as we said on Friday, this likely refi for the €430m (outstanding) Dec '24 line.

(cautionary) thoughts were blasted above.

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WNG €300m 8Y Guidance +135a vs. FV +125 (10bp NIC)

  • -20 in from IPT, books>€980m - pricing is weak
  • We do NOT see value at FV - which is set based on secondary (spread wide on the low cash px lines).
  • Note 3Q earnings come on 5th of Nov.
  • CoC, 3m par call
  • UoP is left broad but as we said on Friday, this likely refi for the €430m (outstanding) Dec '24 line.

(cautionary) thoughts were blasted above.