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Elis (ELISGP; Ba1 Pos/BBB-) Confirms offer, limits leverage uplifit

CONSUMER CYCLICALS

Strong credit positive comments here from it as it confirms it made an offer to Vestis;



  • "Any transaction, should one be agreed, would be in line with Elis’ commitments to its shareholders, namely:-
    • Financial discipline in terms of the amount paid for the acquisition;
    • Retain investment grade rating and leverage of c. 2.2x adjusted EBITDA in Year 1 and c. 2.0x in Year 2;
    • Acquisition accretive to EPS in Year 1."

We see value views across the Elis curve, particularly the 28s. Keep in mind if it does close you are still facing execution risk given the poor standalone of Vestis - that seems to be why equities have been vomiting today. We still think 28s can come closer to +100.

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