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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CONSUMER STAPLES
High- single digit NIC looks to be on offer, secondary does screen cheap even against holdco investment names like Exoim (NR, A-) & Wendel (Baa2, BBB). Liquidity in secondary may be a issue & we do see cheaper single name consumer alternatives like PVH & Tobacco.
- We struggle to have a firm view on the name given credit hinges on mgmt keeping LTV in target - it does have a track record of managing it well.
- 5% headroom on S&P ceiling (LTV of 25%) - on flat debt levels that's a -16% equity fall it can take.
- Worth noting diversified consumer equity exposure is not the same as diversified credit/bond exposure.
- 10Y IPT +190, FV +150 (REVISED IPT)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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