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Logwin AG Dec 09
Standard & Poors, December 2009
Leading niche sector positions for contract logistics in the German market. Reasonable diversity within the customer base. Ability to generate free cash flow in a difficult trading environment. Regional, narrow focus concentrated on three main Western European countries. Highly fragmented and competitive markets. Exposure to cyclical auto, fashion, and consumer industries. High financial leverage. The ratings on Logwin AG reflect the group's mid-size position in the highly fragmented, cyclical, and competitive logistics market; the regional and relatively limited scope of its operations; modest profit margins; and highly leveraged financial profile. These constraints are partially mitigated by what Standard & Poor's Ratings Services views as the group's solid niche market positions and limited but adequate liquidity for the rating level. Logwin...
Companies mentioned in this report are: Logwin AG
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Research Type: Full Analysis