|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||62.00 - 62.70|
|52 Week Range||57.55 - 71.25|
|Beta (3Y Monthly)||0.93|
|PE Ratio (TTM)||19.42|
|Forward Dividend & Yield||1.19 (1.92%)|
|1y Target Est||N/A|
Allianz Global Investors has announced chief executive Andreas Utermann will leave after almost four years at the helm of the €557bn asset manager. Mr Utermann, who said he was stepping down to spend more time with his family, will be replaced by Tobias Pross, global head of distribution at AllianzGI. Mr Pross will work from Munich, where the fund manager’s parent insurer, Allianz, has its headquarters, instead of London where Mr Utermann was based.
PARIS/LONDON/FRANKFURT (Reuters) - European investment firm Eurazeo is exploring a partial or full sale of its near 30% stake in Europcar Mobility Group as it seeks to cash out from the troubled French car rental company, sources told Reuters. Europcar's shares have sunk 65% over the past 12 months as the firm grappled with weak leisure demand from British tourists, declining rental volumes in the business-to-business segment and a softening economic environment in Europe. Eurazeo has tapped JPMorgan to handle the sale, which was triggered by a series of approaches made by financial investors in recent weeks, the sources said.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Seqens Group Holding and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Moody's Investors Service ("Moody's") changed the outlook for Lakeland Tours, LLC's (dba WorldStrides) to negative from stable. At the same time, Moody's affirmed WorldStrides' B2 Corporate Family Rating (CFR), B2-PD Probability of Default Rating and the B1 ratings on the first lien senior secured revolver, term loan and delayed draw term loan. The negative outlook reflects that the incremental acquisition debt is occurring at a time when WorldStrides' leverage and free cash flow weakly position the company in the rating category.
French startup Meero, which offers online editing and production tools for photographers, has raised $230 million in a boost for the country's technology and start-up scene that President Emmanuel Macron hopes will boost the overall economy. Meero's fundraising is the biggest on record in France so far this year, beating Doctolib's 150 million-euro fundraising. Investment company Eurazeo, which took part in Meero's fundraising, announced the total of $230 million that had been raised, via a statement on Wednesday.
Moody's Investors Service (Moody's) has today downgraded Novacap Group Holding's ('Seqens') corporate family rating (CFR) to B2 from B1 and downgraded the probability of default rating (PDR) to B2-PD from B1-PD. Concurrently, Moody's at the same time downgraded to B2 from B1 the instrument ratings of its equivalent EUR 647 million senior secured term loan B due 2023 and the EUR 90 million senior secured revolving credit facility (RCF) due 2022 raised by Novacap Group Bidco, a direct subsidiary of Seqens. Today's rating action takes into account Seqens' very high adjusted gross leverage for the B1 rating category at around 7.3x debt / EBITDA as a result of weaker than expected operating performance with adjusted EBITDA margins standing at around 12.2% (expected 13.5%-14.5%) at the end of December 2018, the acquisition of PCI Synthesis in June 2018, partially financed by EUR 49 million drawings under the group's EUR 90 million RCF and the signing of a factoring program, which amounts to around EUR 50 million by the end of 2018 (fully included into our adjusted gross debt).