HKFoods announced the final result of the loan repurchase tender offer
Translation: Original comment published in Finnish on 6/11/2024 at 8:57 am EEST.
The final result of the tender offer was slightly higher than the preliminary results, but overall the need for a forecast revision remains limited.
Majority of noteholders accepted the tender offer
On Friday, HKFoods reported the preliminary results of the announced 90 MEUR bond repurchase offer, which we commented on here. According to the final results announced on Monday, noteholders validly tendered for a total of just over 80.4 MEUR. Thus, the final result of the tender offer slightly exceeded the preliminary result (73.7 MEUR).
Our projections already take into account the issuance of the new bond at an estimated interest rate of 9% (vs. a fixed rate of 5% for the old bond). Against this background, the slightly higher-than-expected outcome of the repurchase offer for the old bond does not put any material downward pressure on the forecast. We will therefore review the possible need to revise our forecasts once the interest rate on the new loan is confirmed.
HKFoods
HKFoods är verksamt inom livsmedelsbranschen. Inom koncernen återfinns ett flertal dotterbolag med affärsverksamheten att sälja, marknadsföra och producera köttprodukter av gris, nöt och fågel. Koncernen driver hela värdekedjan, från slakt, styckning till förädling och vidareförsäljning av råvarorna. HKFoods innehar störst verksamhet inom den nordiska marknaden. Huvudkontoret ligger i Turku.
Read more on company pageKey Estimate Figures03/06
2023 | 24e | 25e | |
---|---|---|---|
Omsättning | 1 163,2 | 1 000,5 | 1 051,0 |
tillväxt-% | −36,57 % | −13,99 % | 5,05 % |
EBIT (adj.) | 14,9 | 20,0 | 24,7 |
EBIT-% | 1,28 % | 2,00 % | 2,35 % |
EPS (adj.) | −0,25 | −0,05 | 0,03 |
Utdelning | 0,00 | 0,00 | 0,00 |
Direktavkastning | |||
P/E (just.) | - | - | 23,87 |
EV/EBITDA | 7,13 | 4,51 | 3,60 |