Kem One - some clarity, lots of uncertainty

The new Senior Secured Debt has alleviated liquidity concerns, but does it truly strengthen creditors' positions? Building on our previous analysis of Kem One's future capital expenditure, we assess the impact of significant non-recurring add-backs in FY24. Our model challenges the company's projections, scrutinising key assumptions-some more credible than others. While the new facility provides liquidity, market uncertainty persists. We outline what this means for

investors and how we position ourselves in light of these risks.