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SARRIA LIVE MODEL
SARRIA ANALYSIS
CORPORATE FILINGS

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Intro, Cap and Legal Structure - 9 Apr 25

Main Drivers - 9 Apr 25

Tariffs and Expectations - 9 April 25

Brand Value - 9 Apr 25

Investment Discussion - 9 April 25

 
SARRIA News - CWT
Tomás Mannion
Aston Martin - comment
Tomás Mannion

Aston Martin’s bondholder dispute has escalated, with bondholders seeking US court discovery ahead of a UK legal challenge to

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Tomás Mannion
Aston Martin - Two Questions Remain - Model Update
Tomás Mannion
Aston Martin - Two Questions Remain - Model Update
Tomás Mannion

Please find our updated analysis on Aston Martin here.
The recent refinancing has removed Aston Martin's immediate liquidity risk, but it has also fundamentally changed the credit story. The Company now has sufficient liquidity to execute its product plan over the next 18–24 months, yet our model still indicates a further funding requirement before the 2029 bond maturities. More importantly, the NewCo financing has exposed weaker creditor protections than we had previously assumed, leaving bondholders facing two key questions: can Aston Martin generate sufficient cash to grow into its capital structure, and if not, how will the next round of funding be raised?

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Tomás Mannion
Tomás Mannion
Aston Martin - comment
Tomás Mannion

We agree with the stance being taken by other creditors and share their concerns that the transfer of assets outside the existing bondholder

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Tomás Mannion
Aston Martin - comment
Tomás Mannion
Aston Martin - comment
Tomás Mannion

There was some concern that the new financing announced ahead of the H1 results was a signal that the underlying numbers would

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Tomás Mannion
Tomás Mannion
Aston Martin - comment
Tomás Mannion

The Senior Secured Notes are down c.25pts, which appears to be an over-reaction. Stepping back, our model, and those of others, already pointed to

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Tomás Mannion