Adler Pelzer - At Face Value - Model Update

Having (notionally) positioned ourselves twice on this name this year, we are currently watching from the sidelines. Of course, the RCF is fully drawn and bonuses are paid in time for the showdown, but Q325 contained some interesting operating results, which we think warrant slightly adjusting our forecast. The likely timing of the situation has also changed a bit. Combined with our core fundamental analysis, it's not enough to alter our view, but we take note.