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

Capitalised Assets and R&D Costs of €17,6m added to €45.5m of CapEx = €63m, which does not begin to equate to the

Adler Pelzer slightly beat our expectations with Q325 EBITDA coming in some €5m better than forecast. CapEx remained

Keeping the price high has allowed incumbent creditors to keep out more aggressive funds that would be ready to own the

Please find our updated analysis of Adler Pelzer here.

We had been short this name at the end of last year, but this time there is a more concrete set of catalysts, including a relatively hard stop around

We are buying back our short in the name at par after bleeding away the coupon for too long. The business is surviving the tariff terror in the US, and that

So Adler Pelzer's EBITDA has been outperforming our forecast recently, even if at the cash level we haven’t seen the difference, but the call may just have provided the answer as to why. There appears to be a €20m reclassification of R&D expenses into CapEx, as new launches are being postponed. The performance is therefore

Adler Pelzer beat our expectations in Q2, primarily due to lower tooling business than last year. Otherwise, the quarter looked in line with

In what could be a cautionary note for other auto suppliers, Schaeffler issued a profit warning this morning reducing its EBIT margin from a market consensus of

Please find our update on Adler Pelzer here.

We have been reviewing our automotive names side-by-side, so as to create a bit of an industry view and ensure we view each bottom-up name in a

Please find our updated analysis of Adler Pelzer here.

Clearly, the market is a lot more bullish on European automotive than we are. At least, neither the non-cash earnings lifting APG's EBITDA, nor the

Revenues in EMEA are 10% down and worse than feared, but Asia and Mercosur outperformed. Overall revenue is as expected. We have reallocated past

Please find our initiation on Adler Pelzer here.

The name has been a familiar HY / distressed staple for the last 20 years, and yet it’s been a long time since any one of us has covered the company and a few