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Intrum AdHoc Call 25Mar 2024
Intrum 25Q4 Results Call.m4a
SARRIA LIVE MODEL
SARRIA ANALYSIS
CORPORATE FILINGS

- for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed -

 

Intro, Cap and Legal Structure-29 Sep 23

Industry Description - 29 Sep 23

Inflation and ERC - 29 Sep 23

Financials - 29 Sep 23

Sum of The Parts - 29 Sep 23

Investment Discussion - 29 Sep 23

 
SARRIA News -INTRUM
Wolfgang Felix
Intrum - comment
Wolfgang Felix

It’s only incremental for the bonds this morning. The company’s announcement of concrete details on its fully underwritten rights issue concern really only

Wolfgang Felix
Intrum - comment
Wolfgang Felix
Intrum - comment
Wolfgang Felix

Bonds to move to par, but not far above. Intrum announced a 2-tier rights issue this morning with a combined SEK 7.5bn Guaranteed Raise. Maturities from

Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

Shares dropped yesterday, apparently on the news at the AGM that the company would not be paying a dividend. While we are still wondering if

Wolfgang Felix
Intrum - Sobering up - Model Update
Wolfgang Felix
Intrum - Sobering up - Model Update
Wolfgang Felix

Please find our updated analysis on Intrum here.

Perhaps not enough to simply refinance in 2028, but better. So much better, in fact, that it had us recalculate the entire model to

Wolfgang Felix
Intrum - Positioning
Wolfgang Felix
Intrum - Positioning
Wolfgang Felix

We are taking the short off this morning. Following the news that Cerberus had bought Intrum’s minority stake in the JVs, we had shorted the

Wolfgang Felix
Intrum Idea Pitch Video Now Available
Martha Felix
Intrum Idea Pitch Video Now Available
Martha Felix

The Intrum Idea Pitch video is now available.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.

Martha Felix
Intrum - Positioning
Wolfgang Felix
Intrum - Positioning
Wolfgang Felix

We are shorting the 2027 Euro bonds at 96.75, going into the strategic review that the company is to unveil at the end of the month. Looking across to

Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

The latest tender offer, at an average price of 94c/€ was entirely taken up by the €-denominated ‘27s that now have a

Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

We are reading that Intrum is starting a second tender offer for its bonds this month. This time, the maximum volume is a little

Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

The tender was popular. Intrum had applied a waterfall of priorities between the bonds, prioritising the front end and the

Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

Intrum are buying back €75m of SSNs, not in pro rata amounts between them, but instead with a waterfall of priorities at

Wolfgang Felix
Intrum - comment
Wolfgang Felix
Intrum - comment
Wolfgang Felix

Management will include weighing up possible further liability management in the upcoming strategic review. Q3 was soft, with

Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

T’is done. At 94.4c/€, bondholders tendered 10x more bonds (half the outstanding) than the €250m in play and the scaling factor was

Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

The succinct message from your favourite debt collector today is as per our commentary: "Intrum has today been informed that

Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

Intrum have disclosed that Masih Yazdi, formerly CFO of SBB, will be joining to fulfil the same role for the freshly restructured

Wolfgang Felix