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CONSUMER CYCLICALS: Elis (ELISGP; Ba1 Pos/BBB-) M&A talks called off

CONSUMER CYCLICALS

Equities celebrating (+10% - potential target Vestis ran half the margin with no headline growth.

We are bit surprised, it seemed 'invested' in inorganically entering the US - but it is reassuring to see it has stuck to its limits on price. The other two national players in the US not explicitly mentioned today/in leaks is Cintas (too large at $85b EV) and private Alsco (we don't have financials).

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Equities celebrating (+10% - potential target Vestis ran half the margin with no headline growth.

We are bit surprised, it seemed 'invested' in inorganically entering the US - but it is reassuring to see it has stuck to its limits on price. The other two national players in the US not explicitly mentioned today/in leaks is Cintas (too large at $85b EV) and private Alsco (we don't have financials).

Keep reading...Show less