In uno scenario di mercato di tassi bassi diventa difficile per gli investitori individuare asset class remunerative. Il lavoro svolto è finalizzato alla analisi fondamentale di tre società per potenziali investimenti obbligazionari. Tutte sono classificabili nella categoria “Investment Grade”, ovvero con un profilo di rischio medio-alto ma con rendimenti interessanti. Le tre società operano in tre diversi mercati: Loxam opera nel settore del noleggio dei macchinari industriali, Synthos nella componentistica plastica e Tereos si occupa processi di lavorazione di zucchero e amido. Dopodiché è stata ef-fettuata un’analisi comparata per ogni singola società, al fine di verificare il loro posizionamento rispetto al mercato. I report finali sono stati inviati da Banca Promos S.p.a. a vari Investitori istituzionali, dai quali sono stati ricevuti dei feedback. In the current market scenario Institutional Investors have difficulty to focus on profitable asset classes, especially because of the low interest rates. The project work is finalized to the fundamental business analysis of three societies, all classifiable as “Investment Grade”, which means societies with a medium-high risk profile but with interesting returns. The analysis is done for possible investments on the fixed income market by Institutional Investors, italian and not. The three analyzed companies operate in three different markets: Loxam (Industrial machinery), Synthos (Plastic componensts) and Tereos (Sugar and Starch processing). After that a comparative analysis has been elaborated, with the purpose to verify the market position from an economic-financial perspective. All the report have been sent by Banca Promos S.p.a. to many Istitutional Investors. A lot of feedback have been received by them.

1. Analisi fondamentale comparata finalizzata alla
valutazione degli investimenti obbligazionari per
Investitori istituzionali
Valentino Caputo (TL)
Patryk Granato
Gabriele Mosca
MFA - MASTER IN FINANZA AVANZATA: METODI QUANTITATIVI E RISK MANAGEMENT

2. The 4 step of project work
TEREOS U.C.A
SYNTHOS S.A.
LOXAM S.A.
01 BUSINESS
FINANCIAL
STATEMENTS
02 FINANCIAL
REPORTS03
INSTITUTIONAL
INVESTORS04
Companies
attribuited
to us
Fundamental
Analysis
Reports send to
counterparties
Feedback by
counterparties
2/21

3. Business
description
Analysis of
Financial
statements
Main Balance
Sheet, P&L
Items trend
Comparables
Evaluation process
• EBIT/Int.paid
• FFO/Net income
• Pay-out ratio
• FFO/ Int.paid
• Debt ratio
• Leverage
• Current/Quick ratio
• Z-score
• Revenues
• Ebitda margin
• Ebit margin
• ROA
• Revenues
• Ebit, Ebitda margin
• Leverage
• Interest coverage
• Investiments/Debt
• ROA, ROE
• Inventory Turnover
• Sector (GICS)
• Shareholders
• Business
diversification(% YoY)
• Revenues
• Market capitalization
3/21

4. Logo azienda
4/21
Tereos U.C.A.
Sector
Industry
Country of
Domicile
Agricultural
products
Sugar, alcohol and
starch processing
France
Main Businesses
Sugar
Europe
Sugar
International
Starch &
Sweeteners
Book
Value
€ 642,059 Mld

5. 27%
France
10%
Others (China,
Indonesia,
Thailand)
13%
Brazil
50%
Rest of Europe
(Italy, SE Europe,
Spain, UK, NE
Europe)
5/21
Revenue’s diversification

6. Logo azienda
6/21
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
0
1000
2000
3000
4000
5000
6000
Profitability
Ricavi EBIT Ebitda Margin
0.00
1.00
2.00
3.00
4.00
5.00
0
0.8
1.6
2.4
3.2
4
4.8
2011/122012/132013/142014/152015/162016/17
Credit fundamentals
Leverage PFN/Ebitda Interest coverage
Ratios & Revenues

7. Logo azienda
7/21
Comparables
0.00%
10.00%
20.00%
30.00%
2012/13 2013/14 2014/15 2015/16 2016/17
Ebit Margin (%)
SudZucker NordZucker Tereos
0.00%
10.00%
20.00%
30.00%
2012/13 2013/14 2014/15 2015/16 2016/17
Ebitda Margin (%)
SudZucker NordZucker Tereos
0
5000
10000
2012/13 2013/14 2014/15 2015/16 2016/17
Comparables revenue dynamic
SudZucker NordZucker Tereos
-5.00%
0.00%
5.00%
10.00%
15.00%
20.00%
2012/13 2013/14 2014/15 2015/16 2016/17
ROA
SudZucker NordZucker Tereos

8. Logo azienda
8/21
Market View
Credit Risk
Bb/Stable
(S&P- Fitch)
Country
Rating
AA
MediumLiquidity risk
PD 0,139%

9. Logo azienda
9/21
Sector Materials
Industry
Commodity
Chemicals
Main Businesses
Synthetic
Rubbers
Styrene
Plastics
Vinyl
dispersions
Country of
Domicile
Poland
Synthos S.A.
Market
Capitalization € 1,42 Mld

10. Logo azienda
10/21
Poland
Czech
Republic
Slovakia
Others
54%
46%
Revenue’s diversification

11. Logo azienda
11/21
Ratios & revenues
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
20.00
0
0.5
1
1.5
2
2.5
3
3.5
4
Credit fundamentals
Leverage Debito/Ebitda Interest coverage
10.00%
12.00%
14.00%
16.00%
0
500
1000
1500
2000
Profitability
Ricavi EBIT Ebitda Margin

12. Logo azienda
12/21
Basf AG PJSC-NZKN Synthos S.A Lanxess
Comparables

13. Logo azienda
The Bond issued by Synthos with maturity 2021, could be redeemed
also before the maturity but with at different rates.
13/21
Market View
Credit Risk Ba
Country
Rating
A-
Moderate-
to-relevantLiquidity risk
PD 0,1132%

14. Logo azienda
14/21
Sector Industrial
Industry Machinery
Main Businesses
Generalist
France
Division
Specialist
France
Division
Internat.
Division
Country of
Domicile
France
Loxam S.A.
Book Value € 216 mln

15. Logo azienda
Revenues
France:
• The Division Generalist
France includes 426
branches.
• The Division Specialist
France includes 73 branches
and rents under several
specific brand : Acess PL,
Module, Power, Laho TEC,
TP e Event.
International:
• Operates in 11 different
countries (Denmark,
Belgium, Netherlands,,
Germany, Spain, UK,
Ireland, Switzerland
Luxembourg Marocco e
Northway, Brazil) and
includes 167 branches.
7%
Rest of
the wolrd
35%
EU : Spain , UK,
Germany,
Denmark.
58%
France
15/21

16. Logo azienda
27.00%
28.00%
29.00%
30.00%
31.00%
32.00%
33.00%
34.00%
0
100
200
300
400
500
600
700
800
900
1000
2011/12
2012/13
2013/14
2014/15
2015/16
2016/17
Profitability
Ricavi (mln) EBIT Ebitda Margin
16/21
Ratios & Revenues
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
0
0.5
1
1.5
2
2.5
3
3.5
4
2011/12
2012/13
2013/14
2014/15
2015/16
2016/17
Credit fundamentals
Leverage PFN/Ebitda Interest coverage

17. Logo azienda
0
500
1000
Revenue’s trend (mln)
Loxam Kiloutou TVH Group
17/21
Comparables
0.00%
20.00%
40.00%
60.00%
2012 2013 2014 2015 2016
Ebitda Margin
Loxam Kiloutou TVH Group
0.00%
5.00%
10.00%
15.00%
20.00%
2012 2013 2014 2015 2016
Ebit Margin
Loxam Kiloutou TVH Group
-2.00%
0.00%
2.00%
4.00%
6.00%
2012 2013 2014 2015 2016
ROA
Loxam Kiloutou TVH Group

18. Logo azienda
18/21
Market View
Credit Risk BB-
Country
Rating
AA
Moderate-
to-relevantLiquidity risk
PD 0,41%

19. Classification of Investors
National
counterparties
Divided in:
heads of
treasury, SGR
and national AM
International
counterparties
Divided in:
Banks, SGR,
and Asset
manager
50%
50%
19/21

20. Audience breakdown after some interviews
“Information is very detailed and good.
I like comparables. You did a big, great
job”.
“I have read the entire report. As a whole,
I think it’s sufficient, specific enough and
easy to read”.
“I would make such reports on good buying
opportunity bonds. Yes, I didn`t know
anything before about this company”.
“This kind of material is even more important
if a bank/intermediary like Banca Promos
wants to originate and distribute small
transactions from less known issuers”.
Quality
Completeness
Usefulness
Pro-activeness
01
02
03
04
20/21

21. Logo azienda
Thank you for the attention!