Adler Pelzer - Second time lucky! - Model Update

Adler Pelzer is an old HY favourite, and this is not the first time we have had to kick its tyres. Following our sceptical initiation last year, the company in many ways outperformed our expectations - as has the sector overall. Now that its RCF has gone current, we have updated our model, considered sector data, forecast its cash flows, valued it by various methods and played through recap tables. The answer even surprised us ourselves.