欧洲化工-高收益模型手册

EUROPEANCREDITRESEARCH0Europe Credit ResearchJune 2025EuropeanChemicals –High YieldModel BookEuropean Credit ResearchEd McGuinness, CFAAC+44 (0)207 134 0456ed.mcguinness@jpmorgan.com Benjamin Defay +33 1 4015 5047ben.defay@jpmorgan.comGuillaume Jouandin+44 (0)207 134 1538guillaume.jouandin@jpmorgan.comJ.P. Morgan Securities plcSee the end pages of this presentation for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. ContentsEUROPEANCREDITRESEARCH1Q1 2025 results2Models5Relative value17EUROPEANCREDITRESEARCHQ1 2025 resultsTickerName Results Commentary Company outlook/guidanceLNZING (OW)Arxada▪Arxada reported Q1 2025 adjusted EBITDA of CHF93m vs. CHF84m in Q1 2024 driv