Emeria - This time next year

Liquidity is tight, and mortgage production is fizzling. Yet, the UK business is doing well, as is B2C. So how well is Emeria doing and will it be well enough? Preserving cash is one thing, refinancing is another and it’s only a year away. We have refined our model and gone deeper into valuation, by way of DCF and comparables. The result is a firm view, which backs our positioning in the name. interestingly, following Q1 results, it is now even firmer than it was before. This battle will be won on only two fields and those are central to our work.