Isabel Marant - steadying the ship - Model Update

While operational trends continue to improve, our analysis remains centred on the structural limitations inherent in Isabel Marant’s capital and documentation framework. We highlight the potential vulnerabilities embedded in the bond documentation and model projected cash flows ahead of a potential refinancing. The core of our investment debate lies in balancing these documentation-related risks against the Company’s operational momentum, both of which shape our updated forecasts and valuation approach.