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RESULTS CALL
SARRIA LIVE MODEL
SARRIA ANALYSIS
CORPORATE FILINGS

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Intro, Cap. and Legal Structure 19Jul23

Business and Competition 19Jul23

Online, Pandemic/Inflation 19Jul23

Financial Model 19Jul23

Investment Discussions 19Jul23

sarria news - douglas
Douglas - comment

It’s finally happening. First trading day is set for Thursday next week. Price range will be €26-30/share for up to 32.7m (+1.9m management) shares to float up to

Douglas - comment

Douglas are looking to IPO as soon as this month with a full refinancing of the cap stack. Interestingly though, CVC are planning to inject another €300m in the

Douglas - comment

The company changed its legal form from GmbH to AG - in a clear sign of

Douglas - comment
Douglas - comment

The numbers published this morning had for the most part been previously released. So there is little to sink our teeth into. The company is tracking our model

Douglas - comment

That IPO is coming. It’s not typical for Douglas to release earnings early, but those we’ve seen this morning even beat the trajectory we have been modelling. Q1 sales were right on target, but we think were

Douglas - comment

Douglas reported Q1 sales this morning right on target. We anticipate discontinuing the name as both Sr and Sub are now call constraint and

Douglas - Survival of the Fittest - Positioning
Douglas - Survival of the Fittest - Positioning

Please find our updated analysis of Douglas here. 

It marks the end of a long run. CVC, having bought and expanded the company on a reptilian roll-out strategy, had to learn to spell words like

Douglas - comment

German press is beginning to speculate on the IPO of the company in Calendar Q1 of this year. CVC have missed the boat twice and so even if this is not

Douglas - comment
Douglas - comment

Douglas EBITDA came in right on target - €2m below estimate, although on lower volumes at higher prices. This has been a theme and we will be forecasting a

Douglas - comment

Douglas have announced they will be paying cash coupons on the PIK notes for the first time. Most market participants have been looking forward to this move, but it is somewhat

Douglas - comment

18% in the bag: CVC have hired GS, DB, Citi, Unicredit and UBS to run the IPO books. We had previously dismissed the Idea that Rothschild would be advising the

Douglas - It's that time - Positioning
Douglas - It's that time - Positioning

Please find our updated analysis of Douglas here.

It is that time when the bet has worked out and you still believe in the upside, only your instruments will no longer participate in it as much as they used to. 11% YTM is nice, but for

Douglas - comment
Douglas - comment

Douglas reported another set of strong results, although we have to recognise differences between our model and the actuals. Volumes were lower at better prices,

Douglas - comment

Rumour is making the rounds that Douglas have appointed Rothschilds to explore a 2024 Frankfurt listing. It’s an odd rumour. On the one hand, CVC have

Douglas - Of Forests and Trees - Positioning
Douglas - Of Forests and Trees - Positioning

Please find our updated analysis here.

We’ve been bullish on this name for some time. As the business is overcoming the series of shocks it endured since CVC bought their stake - Online migration in home-market Germany, the pandemic or now the steep rise in inflation, it feels like Douglas might be