Matalan - Maturities and Pivot - Model Update

Matalan is again at the same crossroads; cash needs to go in, and maturities are coming up. But this time it’s different. This time, Matalan is approaching from another angle. So how will the new facility affect the fortunes of the SSNs and, beyond that, what is the investment case in the high 60s? Fundamentals have been close to model and after updating the same and running scenarios on the refinancing, we conclude on the opportunity and the key drivers surrounding it over the coming two years.