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Tapestry (TPR; Baa2, BBB+; double Neg) {TPR US Equity} {CPRI US Equity}

CONSUMER CYCLICALS
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  • Capri equities closed another -2.4% lower yesterday & is flat this morning. At $38 it is not far from pre-takeover announcement price of $35 - but its expected to trade lower on deal failure - 1yr Forward EPS has been on a one-way slide since.
  • On bonds we've heard 31s are bid in the street - not much surprise given on deal closing it has 100bps+ of tightening to FV (below).
  • On current mids breakeven on 31's is early August (i.e. carry should net out capital loss if deal closes after then) & late June on the 27s. Depending on funding costs that's likely to be further out in practice.
Cash lines screen fair to cheap here.

FTC take; https://marketnews.com/tapestry-tpr-baa2-bbb-doubl...

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  • Capri equities closed another -2.4% lower yesterday & is flat this morning. At $38 it is not far from pre-takeover announcement price of $35 - but its expected to trade lower on deal failure - 1yr Forward EPS has been on a one-way slide since.
  • On bonds we've heard 31s are bid in the street - not much surprise given on deal closing it has 100bps+ of tightening to FV (below).
  • On current mids breakeven on 31's is early August (i.e. carry should net out capital loss if deal closes after then) & late June on the 27s. Depending on funding costs that's likely to be further out in practice.
Cash lines screen fair to cheap here.

FTC take; https://marketnews.com/tapestry-tpr-baa2-bbb-doubl...

cropfilter_vintageloyaltyshopping_cartlocal_librarydelete