Analyses Of The Vöst Alpine Hybrid Bond 2013 at 6% yield
I recently analysed and purchased the hybrid bond 2013 of Vöst Alpine which yields at 6%. As it is a hybrid bond it carries more risks than normal bonds and interest payments can be deferred if there is no dividend payment by the company. According to Graham I did the minimum analyses of the company's financial situation to assess this investment.
In 2016/2017 Vöst Alpine had an EBIT of 823,3 million Euros and an EBT of 699,9 million Euros. That means interest payments of 123,4 million Euros for 3221,1 million Euros of debt or a 3,83% interest rate on dept. With these measures we can calculate that Vöst Alpine can pay 6,67 times the interest with their earnings which is a very healthy measure. Therefore the investment into this hybrid bond should be a sound investment.
The worst case was the period of 2009/2010 within the financial crisis. In that period Vöst Alpine had an EBIT of 352 million Euros and an EBT of 183,3 million Euros. Therefore in that period there were interest payments of 168,7 million Euros for 3037,3 million Euros of debt or a 5,55% interest rate on dept. With these measure we calculate the worst case scenario. In that scenario of 2009/2010 Vöst Alpine could still pay 2,09 times the interest with their earnings so the interest was covered by earnings within the financial crisis.
You can find more information about the hybrid bond at: http://www.voestalpine.com/group/de/investoren/anleihen/
Important: This asset will not be part of the CFD fund at Etoro because there is no CFD for this bond at Etoro.
In 2016/2017 Vöst Alpine had an EBIT of 823,3 million Euros and an EBT of 699,9 million Euros. That means interest payments of 123,4 million Euros for 3221,1 million Euros of debt or a 3,83% interest rate on dept. With these measures we can calculate that Vöst Alpine can pay 6,67 times the interest with their earnings which is a very healthy measure. Therefore the investment into this hybrid bond should be a sound investment.
The worst case was the period of 2009/2010 within the financial crisis. In that period Vöst Alpine had an EBIT of 352 million Euros and an EBT of 183,3 million Euros. Therefore in that period there were interest payments of 168,7 million Euros for 3037,3 million Euros of debt or a 5,55% interest rate on dept. With these measure we calculate the worst case scenario. In that scenario of 2009/2010 Vöst Alpine could still pay 2,09 times the interest with their earnings so the interest was covered by earnings within the financial crisis.
You can find more information about the hybrid bond at: http://www.voestalpine.com/group/de/investoren/anleihen/
Important: This asset will not be part of the CFD fund at Etoro because there is no CFD for this bond at Etoro.
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