We had dropped our forecast only slightly following the poor Q2 results, in order to test our thesis with a more constructive outlook (we are

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

Please find our updated model on Antolin here.

The hunt may be on for underperforming European auto suppliers, and Antolin is a well-known case, but this name seems to have taken a turn for the worse in

We were discussing with some of you that the bonds would drop a little this morning - mostly because there is a continued search for underperforming automotive suppliers on the back of weak volumes in Q2 - in turn driven by steep tariffs, flat macro growth and

Please find our updated analysis of Antolin here.

While risks in the short term are skewed to the downside, the bonds are difficult to short into a H225 picture that has been obscured by recent

The company performed better than model in Q1. Revenues were lower, but management had been renegotiating supply contracts, which is beginning to

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 all-new analysis of Antolin 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

In line with the downturn in the auto parts industry, the Spanish auto parts group reported Q3 results that were reflective of the industry. Revenues declined by

Please find our updated model here

Antolin reported at best mixed Q2 2024 results yesterday. The company was held back by weaker-than-forecast vehicle sales (especially production delays in

Antolin’s Q2 2024 were held back by weaker-than-forecast vehicle sales, but cost control meant EBITDA (and margins) beat our expectations. We will be

The company reported Q1 2024 results which confirmed our negative view. Revenues declined by 10% to €1.04 billion and below our estimate of €1.2 billion as revenues from

The company announced Q4 and FY 2023 results this morning. While the results were pre-announced a couple of weeks ago and were in line with

Please find our new analysis on Antolin, here.

While we think in the current recovery mode for car sales - Antolin will show signs of growth in the medium term. However, given its current leverage and ambitious goals for growth as