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Essity (ESSITY; Baa1, BBB+; S) New Financial Targets Investor Call

CONSUMER STAPLES
  • On Bondholder situation no change in response; "we have nothing to share. There is no news in addition to what we have said before.". As reminder what it said in Q1 earnings was "we have made several surveys in terms of our legal position, we deem that to be very strong...we have not received any formal requirement for accelerated payments."
  • Above comments were a month after it buffed up liquidity by signing a new SEK44.4b/€4b credit facility which S&P saw as "mitigating liquidity actions" from the co in the face of bondholders.
  • Neither of the above two points indicate to us a firm stance from mgmt to fight bondholders - we are not sure what is holding up the group from making formal notice for the covenant breach.
  • Re. other targets it said all unch including IG rating - we see that as leaving net leverage ceiling of 3x.
  • Re. M&A it said focus on smaller/mid-sized bolt-on instead of large acquisitions.
  • Equities weak despite the commencement of buybacks. Seems they were eyeing a larger piece of the SEK19b/€1.7b Vinda divestment for themselves.
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