VERITS TL B1 1L USD

Veritas Pharma Inc

Credit, TMT


Public companies mentioned herein: Symantec (SYMC).

Highlights

Earlier this year Symantec’s Veritas data storage unit was acquired by Carlyle in a $8 billion deal. While acknowledging that the company’s business is likely to continue to secularly decline in the long run, the presenter stressed that data storage presently is not deteriorating at an overly rapid rate; large enterprises for the most part continue to use Veritas to backup data, and retention rates remain relatively high. The company has posted sloppy results in recent quarters, but both its bonds and term loan should recover under more focused management now that is separate from Symantec. Catalysts include the potential for improvement in the storage business over the next handful of quarters, with investors likely to grow more comfortable with the company’s earnings trajectory thereafter. 

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Idea Discussion

Commentor 1 - 2 weeks ago

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