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Capital Structure - 2 Sep 25

Fundamentals - 2 Sep 25

Valuation - 2 Sep 25

Recap Scenario - 02 Sep 25

Investment Discussion - 2 Sep 25

 

Presentation

Q&A

Initiation

Intro, Legal and Cap Structure - 28 Jan 25

Investment Discussion - 28 Jan25

Company and Industry - 28 Jan 25

Model and Drivers - 28 Jan 25

Valuation and Recap Scenario-28 Jan 25

SARRIA News -INTU
Wolfgang Felix
Köckner Pentaplast - comment
Wolfgang Felix

Having filed for their Prepack Ch11 yesterday, Klöckner Pentaplast disclosed the full suite of advisors, including

Wolfgang Felix
Klöckner Pentaplast - No Smoke, No Fire - Model Update
Wolfgang Felix
Klöckner Pentaplast - No Smoke, No Fire - Model Update
Wolfgang Felix

Please find our updated analysis of Klöckner Pentaplast here.

Where there is no smoke, there is no fire, or perhaps where there is no queue, there is no value. In Klöckners case, that means that we can’t

Wolfgang Felix
Wolfgang Felix
Klöckner Pentaplast - comment
Wolfgang Felix

To line up its CH11 prepack, the company has agreed on a restructuring plan involving a bigger write-off than we had modelled only in

Wolfgang Felix
Client Call Presentations – Now on Our Website
Martha Felix
Client Call Presentations – Now on Our Website
Martha Felix

As per popular demand, we’ve made the Client Call presentations available as part of our new Client Call layout.

Martha Felix
Klöckner Pentaplast - Client questions raised on the call
Wolfgang Felix
Klöckner Pentaplast - Client questions raised on the call
Wolfgang Felix

Please find our answers to your questions raised during Tuesday’s Klöckner Pentaplast call on the website.

Wolfgang Felix
Klöckner Pentaplast - Back to the recap table.
Wolfgang Felix
Klöckner Pentaplast - Back to the recap table.
Wolfgang Felix

Please find a light update on Klöckner Pentaplast here.

Negotiations have hit an impasse as we hear that the so-called Pharma division is still not doing well. We read reports of €80m of overdue payables and

Wolfgang Felix
Wolfgang Felix
Klöckner Pentaplast - comment
Wolfgang Felix

In line with our recent decision to sell our position, the packaging name is said to be struggling to convince suppliers to send their goods. Less than

Wolfgang Felix
Wolfgang Felix
Klöckner Pentaplast - comment
Wolfgang Felix

We recently sold our position in the SSNs, whose deal has been elusive since January of this year. The bonds are due in February, less than

Wolfgang Felix
Kloeckner Pentaplast - comment
Wolfgang Felix
Kloeckner Pentaplast - comment
Wolfgang Felix

We have sold our 2% position in the KP SSNs yesterday for 91.25c/€. It is August, and our January thesis of a satisfactory refinancing of the

Wolfgang Felix
Wolfgang Felix
Klöckner Pentaplast - comment
Wolfgang Felix

€300m make sense mathematically. KP has debt capacity of approx. €1.4bn and €300m is roughly the difference if you

Wolfgang Felix
Wolfgang Felix
Klöckner Pentaplast - comment
Wolfgang Felix

The A&E of the SUNs, now 2LNs, is done. The new €300m paper will mature in September 2029 and have a 2.5% PIK element added to

Wolfgang Felix
Wolfgang Felix
Klöckner Pentaplast - comment
Wolfgang Felix

The company now has support from almost 97% of SUN holders for the A&E, and the transaction is expected to settle tomorrow. The new 2nd Lien notes will receive

Wolfgang Felix
Wolfgang Felix
Sarria: Tariff Terror - what it means for every name
Wolfgang Felix

As tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt. 

The idea here is

Wolfgang Felix
Wolfgang Felix
Klöckner Pentaplast - comment
Wolfgang Felix

S&P view the reasonably generous offer to the SUNs as a distressed exchange and have lowered their rating to CCC-. We do not foresee

Wolfgang Felix
Wolfgang Felix
Klöckner Pentaplast - comment
Wolfgang Felix

So we were wrong about the popularity of the deal for the SUNs. As of Friday, 87% of SUN holders had signed up to the somewhat coercive deal. We had expected a

Wolfgang Felix
Wolfgang Felix
Klöckner Pentaplast - comment
Wolfgang Felix

Holding out on the Jr. deal looks attractive. The deal is very good, but given SVP have committed to playing nice, why would any pure SUN holder want to

Wolfgang Felix
Wolfgang Felix
Klöckner - comment
Wolfgang Felix

SVP are playing nice. The deal is simple enough - and a lot simpler than we thought. Exchanging into 2L bonds is clearly coercive, but even a

Wolfgang Felix
Klöckner Pentaplast – Updated Videos Now Available on the Website
Wolfgang Felix
Klöckner Pentaplast – Updated Videos Now Available on the Website
Wolfgang Felix

Thank you for the participants yesterday on the Live Discussion. Please reach out to Wolfgang, wfelix@sarria.co.uk, if you have further questions .

Wolfgang Felix
Klöckner - How well can you sell? - Positioning
Wolfgang Felix
Klöckner - How well can you sell? - Positioning
Wolfgang Felix

Please find an updated analysis of Kloeckner Pentaplast here.


Sometimes your model surprises you. Perhaps that’s what modelling is for, but in the case of Kloeckner Pentaplast, our recap scenario certainly surprises us

Wolfgang Felix
Klockner Pentaplast: Tick Tock on the Refinancing
Saahil Dey
Klockner Pentaplast: Tick Tock on the Refinancing
Saahil Dey

Please find our updated analysis post the Q3 2024 results on Klockner Pentaplast here.

KP delivered a disappointing Q3 2024 earnings report with a reduction in guidance for EBITDA and free cash flow driven by continued pharma de-stocking

Saahil Dey
Klockner Pentaplast - comment
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

We have decided to sell our 2% position in the senior secured notes at 96.5 giving us a nice profit of ten points in five months as we feel the upside is limited given the

Saahil Dey
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

As part of the wall crossing process in their current refinancing discussions, the German plastic packaging group through its advisers have asked new investors (which are

Saahil Dey
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

As the primary markets open up to “story” credits, the SVP owned German plastic packaging group appears to be pre-marketing a €2 billion debt refinancing which

Saahil Dey
Klockner Pentaplast - sailing into a refinancing
Saahil Dey
Klockner Pentaplast - sailing into a refinancing
Saahil Dey

Please see our updated analysis and model post the Q2 2024 results on Klockner Pentaplast here.

KP delivered a mixed Q2 2024 earnings report with good performance in the PHD segment which compensated for weakness in the FP segment

Saahil Dey
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

Over 50% of the EUR TLB lenders have signed a cooperation agreement along with the majority of the USD TLB lenders. As a reminder, this is considered a

Saahil Dey
Klockner Pentaplast - comment
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

The company underperformed our Q2 2024 revenues by EUR 28 million (by nearly 6%) due to lower pharma volumes, rigid films and reduction in raw material and

Saahil Dey
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

KP released preliminary trading results in which the Company have guided to higher Adj. EBITDA for Q2 and to the higher end of

Saahil Dey
Klockner Pentaplast - Packing in a refinancing - Positioning
Saahil Dey
Klockner Pentaplast - Packing in a refinancing - Positioning
Saahil Dey

Please find our updated model post-Q1 results on Klockner Pentaplast here. 

KP is suffering from transitory issues (inventory de-stocking, elevated inflation, demand weakness in its labels & card division) which will dissipate in H2 2024 with

Saahil Dey
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

Klockner Pentaplast (Saahil): Going back to the future, it seems that the €300 million senior notes are seeing a new buyer or set of buyers with the notes up

Saahil Dey
Klocker Pentaplast - comment
Saahil Dey
Klocker Pentaplast - comment
Saahil Dey

Post our initiation of Klockner Pentaplast, the company reported Q1 2024. Revenues of €468 million were below our estimates of €534 million driven by volume declines in

Saahil Dey