Financiere SPIE May 12
Standard & Poors, May 2012
Abstract
Resilient nature of basic services business. Ability to generate free cash flow after bolt-on acquisitions thanks to low asset intensity and capital expenditure needs. Low volatility in the profitability margin. Highly leveraged financial profile. Heavy concentration on France and Western Europe. Few barriers to entry. Limited geographical diversity. The rating on France-based multi-technical services provider Financi-re SPIE (SPIE) reflects our assessments of its "fair" business risk profile and "highly leveraged" financial risk profile, according to our criteria. In our base-case scenario for the coming quarters--which we base on our macroeconomic assumption that the GDP will grow by 0% in the eurozone and by 0.5% in France--we anticipate that demand for SPIE's services in France and the rest of Western Europe...
Companies mentioned in this report are: Financiere SPIE
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
Financiere SPIE
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