The last 15 months have seen an incredible rotation of risk and returns and many of the names that offered opportunities last year have done phenomenally well, either because the feared drop in revenues never occurred, or because

Tonight Voestalpine published a press release announcing wide-ranging closures of capacity in the face of the Corona pandemic. We still have

Below is an account of each of the names we follow and have begun work on in the context of Covid19 and Oil prices. Several names stand out as having become either uninvestible or outright attractive - already now.

Please find updated model here.  
Working capital management and in particular better inventory work down has masked a

Please find our initiation here.

Voestalpine is an Austrian IG Steel producer with a strong balance sheet and ample liquidity. 

On a better day than today we are looking to build a