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Intro, Capital and Legal Structure - 8 May 25
Description of the Industry and the Company - 8 May 25
Model and Drivers - 8 May 25
Investment Discussion - 8 May 25
Results were in line with our model, but continuing problems in the UK business, and weakness in France will see the SUNs softer today. Free cash flow
Operationally, a good quarter with margins better than we expected, leading to a better-than-expected cash flow turn out. However, the
Please find our slightly updated model here.
The Modulaire story hasn’t changed much in the last few quarters. Revenue and cash flows are not deteriorating further, but are not
A number of you have enquired about the potential sale of Modulaire’s Australian business. Brookfield will be reluctant to sell the Australian business. They will only proceed if
The downgrade of the SUNs to CCC by Fitch will preclude some ratings-limited investors from owning them. Fitch reflects many of
Q4 25 Underlying EBITDA of €133m is about at the market consensus, and we expect cash EBITDA to be above the
Things aren’t getting worse at Modulaire, but management acknowledges that the UK and French divisions are unlikely to see much improvement before
Please find our updated analysis here.
Operational performance at Modulaire has been poor since Q3 2024, and although the comparisons will be easier in H2 2025, we do not expect any
Q2 results fell below our expectations due to continued weakness in the UK and French construction markets. Although the Q2 results were poor, they
A successful refinancing operation, with the new TLB and SSN both being upsized and priced within the initial price talk. The TLB was
Modulaire's new €1bn TLB pushes bank maturities out to June 2031 from June 2028. The cost of the new TLB is similar at 7% (margin is 25bp higher
The results were below our estimates, but an improving gross margin and stable unit sales will keep the bonds from widening as
Modulaire Live Discussion is now available on Modulaire’s page, here.
Please find our new analysis, here.
Modulaire protected cash flow by cutting capex, and with assets that can last 25 years or more, it is a trick that they repeat whilst they wait for
Please find our unchanged analysis here.
After months of speculation and a review the fate of the Modulaire Group has now been decided with TDR selling it to Brookfield for US$5bn. This represents