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Intrum AdHoc Call 25Mar 2024

INTRUM Long Idea

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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
Intrum - comment
Wolfgang Felix
Intrum - comment
Wolfgang Felix

Intrum results were a little more disappointing than we had expected. The service division had already begun to show signs of

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Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

Incremental news this morning. Intrum management today resolved on the second part of its directed rights issue. Following the

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Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

Further to the thesis that Intrum would take out its 8% 1.5 Lien bonds first, the company is out offering a €525m 2031 bond to

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Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

No impact on the bonds. Now that the monies from its rights issues have been received, Intrum will proceed with the offloading of

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Wolfgang Felix
Wolfgang Felix
Intrum - comment
Wolfgang Felix

Bonds should not move much this morning on what is merely a confirmation that Intrum’s rights issue is now complete. The SEK 6bn in

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

The Intrum Idea Pitch video is now available.
You can find the video on the Sarria website landing page as well as on Intrum's dedicated page.

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Wolfgang Felix
Intrum - Surprised To Be Here - Model Update - Positioning
Wolfgang Felix
Intrum - Surprised To Be Here - Model Update - Positioning
Wolfgang Felix

Please find our updated analysis on Intrum here.

We have been doom mongering debt collectors since long before the crisis hit, and feel quite vindicated about all that. But a 10% haircut and

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Wolfgang Felix
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

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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

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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

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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

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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

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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.

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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

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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

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Wolfgang Felix