Pricer: '24e-'25e EPS could rise by 6-4% - ABG

Contemplates issuance of SEK 250m bond (500m framework)
Refinance of the SEK 250m bond issued in Q4'22 (3m STIBOR + 6.875%)
Terms still unknown, but could add c. 6-4% to our '24e-'25e EPS


EPS-accretive announcement

Pricer announced today that it is exploring the possibility of issuing new senior unsecured bonds. The initial expected value is SEK 250m within a framework of SEK 500m (3 years). The aim is to refinance the company's existing SEK 250m bonds with Ture Invest, issued in Q4'22 (four-year tenor) with an interest rate of STIBOR 3m + 6.875% (i.e. ~SEK 24m/year based on the current STIBOR 3m). The terms of the planned bond issue are not known, but assuming that the spread halves (i.e. 3m STIBOR ~3.5%), this would reduce annual interest payments by ~SEK 8m, which would be c. 6-4% accretive to our '24e-'25e EPS.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/pricer/Equity-research/2024/12/pricer---24e-25e-eps-could-rise-by-6-4/