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 operates in the food industry. Within the Group, there are a number of subsidiaries with the business of selling, marketing, and producing meat products of pig, beef, and poultry. The Group operates the entire value chain, from slaughter, cutting to processing and resale of the raw materials. HKFoods has the largest operations in the Nordic market. The head office is located in Turku.
Read more on company pageKey Estimate Figures03/06
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 1,163.2 | 1,000.5 | 1,051.0 |
growth-% | -36.57 % | -13.99 % | 5.05 % |
EBIT (adj.) | 14.9 | 20.0 | 24.7 |
EBIT-% (adj.) | 1.28 % | 2.00 % | 2.35 % |
EPS (adj.) | -0.25 | -0.05 | 0.03 |
Dividend | 0.00 | 0.00 | 0.00 |
Dividend % | |||
P/E (adj.) | - | - | 23.87 |
EV/EBITDA | 7.13 | 4.51 | 3.60 |