miert pont juliustol? miert pont ez a 3 papir? miert kell elszakadni? mi az az egymas? miert nem logos skalan erdekes? eladni kell vagy venni, ha elszakad a valami a masik ketto valamitol? es mikor? es mikor nem? most kell cselekdni, hogy jo legyen majd az elszakadas a mezei kisbufinek? mi szamit jo elszakadasnak, es mi nem? vagy lehet az is, hogy meghiusul kesobb a kezdetben sikeres elszakadas? azt mibol lehet majd latni? es mikor? -- tobb kerdesem nincs hirtelen
"A Társasága tervek szerint20 milliárd forint értékben bocsátana ki kötvényeket, a befolyt összeget akvizíciós terveinek megvalósítására, valamint refinanszírozási célokra használná fel. A tervezett kötvénykibocsátásra a közgyűlésifelhatalmazás után kerülhet sor."
Coverage: 2.2x I non-outstanding short-term debt . Liquidity is adequate, with unrestricted cash and free operating cash flow (excluding discretionary spending for acquisitions) exceeding short-term debt. Appeninn plans to refinance all of its outstanding debt with an unsecured 10-year bond in Q4 2019. This means there will be no short-term debt left at year-end 2019 or going forward.Senior unsecured debtScope’s recovery analysis factors in Appeninn’s low WAULT, its somewhat aged portfolio and the non-prime characteristics of some of its properties, which would weigh on attainable advance rates in a distressed sale scenario. Given these parameters, the agency arrived at an ‘above average’ recovery at the hypothetical point of default, based on a high amount of unencumbered assets to outstanding debt, allowing for a one-notch uplift. This translates into a BB- rating for senior unsecured debt. . Recovery is based on a hypothetical default scenario occurring at year-end 2020, in which Scope assumes outstanding first-lien ranked debt (customer deposits) of EUR 1m and unsecured debt financing of EUR 60.6m. . In Q4 2019 Appeninn plans to issue a EUR 60.6m senior unsecured bond with a 2.6% coupon and a 10-year tenor. Scope’s rating scenario assumes that this bond is the only debt outstanding going forward – any changes to the company’s debt structure would be likely to impact the credit rating of the unsecured debt.OutlookThe Outlook for Appeninn is Stable and incorporates: i) a successful portfolio clean-up with no significant discounts to current market values; ii) the successful placement of a HUF 20bn (EUR 60.6m) bond in Q4 2019 and the subsequent repayment of all currently outstanding interest-bearing debt; and iii) the execution of a moderate growth strategy in Hungary/CEE. Assuming an equity/cash flow-driven expansion going forward, the Stable Outlook foresees an EBITDA interest cover of above 3x and a loan-to-value (LTV) ratio of below 50%.Rating-change driversA positive rating action would require a significant improvement in Appeninn’s business risk profile. This could be through a growth in size and a strengthening of market position, increased geographical and tenant diversification of the portfolio, and more cash flow visibility through longer WAULTs while sustaining the loan/value ratio below 50%. . A negative rating action would be possible in the event of an unsuccessful repositioning or a change in strategy, leading to a deterioration in leverage to above 60%, or if the bond asset ratio were to fall below 1.7x.
https://bet.hu/site/newkib/hu/2019.10./Appeninn_Nyrt._-_Rendkivuli_tajekoztatas_128307300 . Appeninn Holding is an exchange-traded Hungarian real estate company predominantly active in Budapest and focused on a buy-and-hold strategy regarding office and retail properties. . The B+ issuer rating on Appeninn benefits from i) a very high occupancy rate of 97% as at September 2019, reflecting tenant demand for its inner-city locations, ii) its exposure to the second-tier investment market of Budapest and iii) relatively high EBITDA margins of around 70%. The company’s debt protection has been strong and is forecasted to improve to above 3.0x, in addition to a moderate and decreasing leverage (loan/value ratio of 46% as at 2018), driven by a modest equity/cash flow-driven expansion. . Rating constraints include Appeninn’s small scale, which leads to greater sensitivity to unforeseen shocks and cash flow volatility, its weak geographical and tenant diversification, a very short weighted average unexpired lease term (WAULT) providing limited visibility, and insignificant market shares with a somewhat dated portfolio. . Scope’s rating scenario assumes the following:
Execution of management’s strategy to clean up portfolio by selling EUR 11.5m non-core properties in 2019, factoring in a discount of 10% to market values
Replacement of a further EUR 10m in non-core office stock with EUR 10m in prime office space; prime yields from Cushman&Wakefield used
Acquisition of EUR 15m of retail exposure in Hungary/CEE in 2020 and EUR 5m of retail exposure in 2021
3.2% inflation rate for operational expenditures
Unsecured bond issuance in Q4 2019 (EUR 60.6m, 2.6% fixed coupon) to replace all outstanding debt; no further secured debt issued
Tax rate : 9% corporate tax; 2% business tax
No dividends paid for 2018-22
Positive rating drivers
Strong and improving debt protection (EBITDA interest coverage forecasted above 3.0x) and moderate and decreasing leverage in Scope’s base case scenario
Very high occupancy rate as at September 2019 of 97% thanks to desirable inner-city locations
Exposed to second-tier investment market with healthy demand from tenants
Relatively high EBITDA margins of between 65% and 72%, but vulnerability due to constant reletting pressure
Negative rating drivers
Relatively small property company (compared to Western peers), resulting in high sensitivity to unforeseen shocks and volatile cash flows
Weak diversification in terms of geographies and high tenant concentration risks
Very short WAULT at 2.2 years providing limited visibility in cash flows and a constant dependency on reletting with the associated high turnover costs
Small market shares in an increasingly competitive environment in combination with somewhat dated properties are likely to result in declining rental income or increased capex spending
. LiquidityScope considers liquidity to be adequate. In detail: Position: YE 2018 I YE 2019E Unrestricted cash: EUR 0.9m I EUR 7.7m Open committed credit lines: EUR 0.0m I EUR 0.0m Free operating cash flow (t+1): EUR 15.9m I EUR 33.4m Short-term debt: EUR 7.8m I EUR 0.0m
Ez a kötvény kibocsátás több szempontból is jó hír nekünk: - Egy-két hete jött a hír, hogy Tiborcz ingatlanos Kft-t alapított és ez rossz ómen volt akkor. Viszont most az látszik, hogy Tiborcz meg akarja venni az OPI részt és 20 milliárdos kötvényt bocsát ki, tehát mégis ezzel a céggel (is) nagyon komoly tervei vannak. - Tiborcz jó eséllyel megkapja az MNB-től a kötvény pénzt
(UP)PENINN