sarria live model
sarria analysis
corporate filings

- for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed - after one minute video becomes high-resolution.

 

Intro, Capital and Legal Structure - 5 Dec 24

Company and Industry - 5 Dec 24

Modelling, FCF, Leverage - 5 Dec 24

Refi, Game Theory + Recap - 5 Dec 24

Investment Discussion - 5 Dec 24

 
SARRIA News -INTU
Adler Pelzer - Only The Penultimate Hour - Model Update
Wolfgang Felix
Adler Pelzer - Only The Penultimate Hour - Model Update
Wolfgang Felix

Please find our updated analysis on Adler Pelzer here.

Windows are dressed (admittedly with quality dressing: having reduced primarily overdue receivables), margins are bolstered with €10m+ of timely

Wolfgang Felix
Wolfgang Felix
Adler Pelzer - comment
Wolfgang Felix

Preliminary FY25 figures had already been released last month, and this morning’s audited results confirmed that, except for the lower revenue and

Wolfgang Felix
Wolfgang Felix
Adler Pelzer - comment
Wolfgang Felix

We interpret yesterday’s preliminary release in the context of APG’s ongoing refinancing efforts. We were braced for a Q4 disappointment following

Wolfgang Felix
Wolfgang Felix
Adler Pelzer, Antolin, Pasubio, Standard Profil - comment
Wolfgang Felix

The EU is reportedly considering proposals to ease the planned 2035 ban on combustion engines. The objective is to support European OEMs and

Wolfgang Felix
Adler Pelzer - At Face Value - Model Update
Wolfgang Felix
Adler Pelzer - At Face Value - Model Update
Wolfgang Felix

Please find our updated analysis of Adler Pelzer here. 

At face value, the bonds look refinanceable. A tidy 1.5x FCCR should usually do. However, the picture deteriorates when taking into

Wolfgang Felix