Aug 4, 2020   SOURCE: PR NewsWire

Rekeep Company Profile, 2020

DUBLIN, Aug. 4, 2020 /PRNewswire/ -- The "Rekeep: Resilient Business Mix & Strong Liquidity to Manage Through Coronavirus" company profile has been added to ResearchAndMarkets.com's offering.

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Why Read?

    --  Understand why Rekeep's revenue and Adj EBITDA are likely to be
        significantly more resilient to the coronavirus shock than its peer
        group (Atalian, ISS, Sodexo and Compass) in spite of its geographic
        concentration in hard-hit Italy
    --  Understand why Rekeep's liquidity position is resilient across our base
        and stress cases, without even considering any potential access to state
        guaranteed loan schemes
    --  Understand why we believe Rekeep can successfully refinance ahead of its
        significant debt maturities (RCF and non-recourse factoring facilities
        maturing Dec-21 and Senior Secured Notes, SSNs, Jun-22)
    --  Understand why, even though there is only a very small equity cushion in
        our stress case and potentially priming risks that could dilute SSNs
        recovery, we view Rekeep as our preferred debt play in the HY Facility
        Management sector, over and above Atalian
    --  Understand Rekeep's history of litigation and the FM4 fine
    --  Understand the Facility Management and Laundering & Sterlisation
        businesses and Rekeep's positioning within them

What's New?

    --  Peer group comparison of client mix - segmenting revenue by client for
        Atalian, ISS, Sodexo and Compass into the structure reported by Rekeep
        (Healthcare, Public, Private) to identify how much more exposed Rekeep
        is to healthcare / public sector / essential services contracts that
        remain in operation even in hard-hit Italy
    --  Peer group comparison of liquidity positioning and resilience
    --  Financial projections (including of liquidity) and valuation to capture
        intensification of coronavirus crisis, informed by recent peer company
        data

Major Questions Answered

    --  What are our base and stress case liquidity and net leverage projections
        for Rekeep through each quarter of coronavirus-impacted FY 20 and
        beyond?
    --  How does Rekeep's liquidity vs annual expenses (ex. D&A) compare with
        that of peers?
    --  Why do we think our revenue and cost flexibility assumptions through FY
        20 are consistent with peers' actual experience thus far and forward
        guidance, taking into account geographic and end client differences
        across firms?
    --  How do the Italian SACE and CDP State guarantee-based loan schemes work
        in case Rekeep needs them?
    --  What are the likely working capital drivers and movements in Q2 (likely
        the key coronavirus quarter) and FY 20?

Key Topics Covered 

    1. View, Variant Perception & Recommendations
    2. Q2 2020 Results Analysis
    3. Capitalization & Group Structure
    4. Disposals, Entity-By-Entity Decomposition Of Adj EBITDA
    5. Major Areas Of Opportunity To Increase Adj EBITDA
    6. Pro Forma & LFL Performance By Segment
    7. What Will It Take For Boparan To Be Refinanced?
    8. Could Mr Boparan Pay For Assets Using SSNs?
    9. Distressed Sum Of The Parts & SSNs Recovery Rate
    10. Boparan's Pension Deficits & Priority In Insolvency
    11. Adj EBITDA Sensitivity To Input Feed Costs & Other Perspectives On Adj
        EBITDA Margin
    12. Business Overview & Analysis
    13. Business Acquisitions, Disposals, Key Events & Sector M&A Activity
    14. Historic Financial Analysis
    15. Working Capital Analysis
    16. Seasonality
    17. Financial Model
    18. Valuation & Sensitivities
    19. Indenture Review
    20. China Poultry Shortage. Export Opportunity?

Companies Mentioned 

    --  Rekeep
    --  Atalian
    --  Servest
    --  ISS
    --  Compass
    --  Sodexo

For more information about this company profile visit https://www.researchandmarkets.com/r/j80n8i

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