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S&P upgrades Kiloutou
S&P said it raised its issuer and senior secured notes ratings for Kapla Holding SAS (Kiloutou) to B+ from B with the recovery rating unchanged at 3, indicating an expectation of 50%-70% recovery in default (rounded estimate: 55%).
“We expect another robust operating performance for Kiloutou in 2022 after the company reported strong results for 2021, with revenue growth at about 23% and S&P Global Ratings-adjusted EBITDA margins at about 38%,” the agency said in a press release.
S&P said it forecasts Kiloutou’s revenue growth at about 29% for 2022, adjusted EBITDA margins at 36%-37%, slightly diluted by the recent acquisition of GSV, and adjusted debt to EBITDA at 4x-4.5x. In 2023, the agency projects about 10% top-line growth, with margins at 37%-38% and leverage in the same range.
The outlook is stable.
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