October 01, 2024 11:45 GMT
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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