Please find our model, post Kem One's Q2 results here.

We are writing to inform you that we are covering our short position in Kem One bonds due to the current unavailability of borrow. This decision is not

We commented on the Q2 results yesterday, but a brief note on the Company’s recent conference call is warranted. Management’s remarks offered

Kem One bondholders held exploratory talks with law firm Paul Hastings earlier this month, exploring options in the event of a second restructuring. Q2 results remove

The new Idea Pitch videos are now available: Amara NZero, Emeria, Kem One and Rekeep.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.

Please find our model update for Q1 numbers here.

The only thing that Kem One’s Q1 results confirmed is that there is no sign of a recovery. Operationally, Kem One restarted production in

No sign of life in the European PVC markets with Kem One experiencing lower volumes than last year, and demand in Europe and the

Please find our unchanged analysis here.  

The recent turmoil in the markets has resulted in the Kem One bonds trading down 10 points from levels seen just after the confirmation of the

Please find our model on Kem One here.

After a brief conversation on the desk, the consensus is that Kem One is not investible at the current time. The current outlook for PVC and caustic soda, especially given the excess capacity in the European market, implies EBITDA will remain subdued in