Maxeda - The Times They Are A-changin' - Model Update - Positioning

We continue to highlight the growing divergence between equity and credit perspectives, but the question now is whether credit investors can afford to overlook the latest moves in the equity market. Our analysis explores the Company’s strategic pathways and assesses the feasibility of a 2027 refinancing, examining how each option could reshape trading levels across both equity and credit. With refreshed forecasts for FY26 and FY27, we take a close look at how potential asset divestments may influence revenue trajectories and future cash flow, offering a clear view of the opportunities and risks ahead.