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Gerresheimer AG May 09 Product Image

Gerresheimer AG May 09

  • ID: 1793418
  • May 2009
  • Standard & Poors

Abstract
Global leading niche positions in stable and largely consolidated markets Good geographic diversification, strong product portfolio, and long-term customer relationships Good profitability Aggressive financial policies, including debt-financed acquisitions High capital intensity and sizable, although discretionary, growth-related investment plans Limited excess cash flows The rating on Germany-based specialty packaging supplier Gerresheimer AG and its fully owned subsidiary Gerresheimer Holdings GmbH are constrained by the group's aggressive financial profile, the company's appetite for debt-financed acquisitions, and limited excess cash flows, mainly resulting from heavy capital spending. Nevertheless, the group has a satisfactory business risk profile, underpinned by leading positions in largely consolidated and recession resistant underlying markets. Barriers to entry are high because of demanding regulatory requirements and strong relationships and cooperation...

Companies mentioned in this report are: Gerresheimer AG,Gerresheimer Holdings GmbH
Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

Gerresheimer AG,Gerresheimer Holdings GmbH

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