(CercleFinance.com) – Stifel maintains its ‘buy’ recommendation on Sika stock, with an unchanged price target of CHF 400.
The analysis office reports that an extraordinary general meeting will be organized on January 25 in order to increase the conditional capital of the company, which thus increases from 155,893 to 187,893 CHF.
This increase in conditional capital is necessary in order to be able to fully cover the convertible bonds.
Indeed, only 65% of the second convertible bond (for an amount of CHF 1,650 million), expiring on June 5, 2025, is currently hedged, says Stifel.
This bond was issued on May 15, 2018 for the acquisition of Sika shares held by Saint-Gobain.
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