Please find our updated model on AMS Osram following the Q3 results here.

With AMS Osram shares down c.20%, the bonds have moved lower in sympathy. In our view, the equity reaction is excessive, and bondholders should

Creditors received no update on the two key issues that will drive credit spreads in the medium term during AMS Osram’s Q3

A brief update ahead of AMS Osram’s analyst call this morning. The Q2 results were largely expected, following guidance from the

Dear All,

Please find our unchanged investment analysis here.

AMS Osram is scheduled to release its Q2 results next Thursday. However, following this morning’s announcement, we are reducing our

AMS Osram Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated AMS Osram page.

Please find our model post Q4 numbers, here.

We have not made any major changes to our projections post Q4 and final FY24 results from AMS Osram. This is mainly a reflection that the credit continues to

The numbers are OK but don’t justify the 15% increase in share price seen this morning.  However, the rally in the equity and bonds this morning is more likely to do with

Please find our updated analysis here.

Although Q3 numbers and the Company’s guidance for Q4 and Q1 are similar to our projections, the release has left us with some doubt about the

AMS Osram released its Q3 results in line with previous guidance.  Quick observations include weaker guidance for Q4 2024 and Q1 2025, with the

Please find our updated model here.

AMS Osram reported their Q2 results, marginally better than their guidance at the time of their results in Q1. We had expected AMS Osram to

AMS Osram operationally continue to meet and slightly exceed their expectations, with Revenue in line and EBITDA above mid-point

Please find our updated analysis here. 

We have invested in AMS Osram successfully over the last year and we feel now is the time to re-enter the name.  There are a couple of positive event risks in the

We had expected bonds to trade off a little as we anticipated the weaker guidance but clarification on exit costs from the microLED project coupled with

Please find our updated model here. 

All good things must come to an end. AMS Osram has been a good position for us but with the refinancing behind us, it is time to exit. With sufficient cash on