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UPCOMING EVENTS
 

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Update Positioning - 8 May 2024

Intro, Capital and Legal Structure 26/01/23

Company and Merger 26/01/23

Cash Flow and Model 26/01/23

Investment Discussion 26/01/23

 
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AMS Osram - All Good Things Come To An End - Model Update - Positioning
Tomás Mannion
AMS Osram - All Good Things Come To An End - Model Update - Positioning
Tomás Mannion

Please find our updated analysis on AMS Osram here. 

AMS Osram has been a very successful investment for us. We first bought the 2025 HY bonds and convertibles in June 2023, before adding the 2029 bonds in May 2024. With the Mar-29 bonds now at 105.5%, we have captured substantial upside and are taking profits as the bonds are call-constrained. We continue to see a strong deleveraging story, but at current prices the remaining upside no longer meets our return targets. This is an exit after a successful investment, not a change in our credit view.

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Tomás Mannion
Tomás Mannion
ams OSRAM - comment
Tomás Mannion

We expect no material impact on bond prices, as the use of asset sale proceeds for debt repayment was already expected. The company has

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Tomás Mannion
ams OSRAM - comment
Tomás Mannion
ams OSRAM - comment
Tomás Mannion

AMS Osram’s H1 results were broadly in line with our expectations and should have little impact on bond prices. In our view, following the

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Tomás Mannion
Tomás Mannion
AMS Osram - comment
Tomás Mannion

AMS Osram has completed the sale of its non-optical analog and mixed-signal sensor business to Infineon for €570m in cash. Together with

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Tomás Mannion
Tomás Mannion
AMS Osram - comment
Tomás Mannion

Bankers continue to outdo each other with ever-more adjustments and pro-forma metrics for new issuers, and ams OSRAM is no

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Tomás Mannion