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The company’s “BB-” business risk profile remains unchanged, benefiting from the non-discretionary nature of its consumer goods segment, characterized by low cyclicality, medium barriers to entry, and low substitution risk.
Kometa’s financial risk profile also remains at “B+,” reflecting high leverage and weak cash flow cover due to ongoing capital-intensive investments, partially offset by strong interest cover and adequate liquidity.
Scope expects leverage (debt/EBITDA) to stay below 5x during the investment phase, which is projected to continue through 2027.
Despite internal and external liquidity ratios falling below 100% in 2025, Scope maintains an adequate liquidity assessment, citing the company’s access to funding and plans for a HUF 10 billion equity injection in Q4 2025.
The outlook assumes no significant M&A activity that could adversely affect leverage.
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