{"id":66435,"date":"2023-09-28T11:52:23","date_gmt":"2023-09-28T15:52:23","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/sensor-maker-loses-a-quarter-of-market-value-as-traders-balk-at-2-1-billion-fundraising\/"},"modified":"2023-09-28T11:52:26","modified_gmt":"2023-09-28T15:52:26","slug":"sensor-maker-loses-a-quarter-of-market-value-as-traders-balk-at-2-1-billion-fundraising","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=66435","title":{"rendered":"Sensor maker loses a quarter of market value as traders balk at $2.1 billion fundraising"},"content":{"rendered":"
\n

Ams-OSRAM
\n AMS,
\n -20.17%<\/bg-quote>
\n lost more than a quarter of its market value on Thursday after the heavily-indebted electronics groups set out plans to raise more than \u20ac2 billion ($2.1 billion) as it strives to bolster its balance sheet.<\/p>\n

The Austria-based sensor manufacturer said it was looking to receive \u20ac800 million through a capital increase, about \u20ac800 million by selling bonds, some \u20ac300 million from selling and leasing back certain assets, and a further \u20ac350 million with unsecured notes, bilateral debt facilities, and other instruments.<\/p>\n

\n

Ams-OSRAM has been having difficulty amid increased competition for its components in the automotive sector and as declining sales of smartphones reduced demand for its products, leaving it struggling with net debt that stood at \u20ac2.03 billion by the end of June.<\/p>\n

News of Ams-OSRAM\u2019s plans did not go down well with investors, with its Swiss-traded shares plunging more than 28% at one point. \u201cThe magnitude of the rights issue is a negative surprise as \u20ac800m is equivalent to c.50% of the current market cap. We had expected a smaller equity portion,\u201d wrote Juergen Wagner, analyst at Stifel, in a note to clients.<\/p>\n

The mood across European bourses was more mixed on Thursday, however, as Germany\u2019s DAX
\n DX:DAX
\n was flat and the CAC 40
\n FR:PX1
\n in France gained 0.3% as luxury and energy groups had a better day. The U.K.\u2019s FTSE 100
\n UK:UKX
\n fell 0.3% as strength in miners was counteracted by further falls for interest rate-sensitive sectors like real estate.<\/p>\n

Shares of\u00a0Hennes & Mauritz
\n HM.B,
\n -4.88%<\/bg-quote>
\n fell nearly 4% after the Swedish fashion retailer was downgraded from buy to hold by a research team at deutsche Bank. <\/p>\n

\u201cH&M delivered another small earnings beat in 3Q [published Wednesday] but the mix between sales, gross margin and cost management is less compelling than we would have liked. This creates a big debate in our mind,\u201d said Deutsche.<\/p>\n

\u201cAt this stage we can\u2019t get the confidence in a strong macro outlook and believe the self-help at H&M is much more correctly assumed by consensus and the share price,\u201d Deutsche added as it took its price target down from 195 Swedish krona to 175.<\/p>\n

Shares in Diageo
\n DGE,
\n +0.53%<\/bg-quote>
\n held near their lowest since April 2021, after the maker of Johnnie Walker and Guinness affirmed its full-year guidance while warning of building cost pressures and signs of economic headwinds.<\/p>\n

\u201cThe stock has underperformed year to date, held back by concerns about the U.S. business, while trading in Europe and APAC [Asia\/Pacific] has remained strong,\u201d said Andrea Pistacchi, analyst at Bank of America. \u201cToday\u2019s trading update provides some reassurance. Evidence of growth acceleration in H2 should support a re-rating,\u201d he added, while reiterating the shares a buy with a target of 3,600p.<\/p>\n

In forex, the euro
\n EURUSD,
\n +0.68%<\/bg-quote>
\n and pound
\n GBPUSD,
\n +0.71%<\/bg-quote>
\n rebounded about 0.5% apiece after technical indicators suggested on Wednesday they had reached sharply oversold conditions versus the dollar.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Ams-OSRAM AMS, -20.17% lost more than a quarter of its market value on Thursday after the heavily-indebted electronics groups set out plans to raise more than \u20ac2 billion ($2.1 billion) as it strives to bolster its balance sheet. The Austria-based sensor manufacturer said it was looking to receive \u20ac800 million through a capital increase, about […]<\/p>\n","protected":false},"author":1,"featured_media":66436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-66435","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nSensor maker loses a quarter of market value as traders balk at $2.1 billion fundraising | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Ams-OSRAM AMS, -20.17% lost more than a quarter of its market value on Thursday after the heavily-indebted electronics groups set out plans to raise more\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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