Pfleiderer - Never mind the 'spilt milk', comrades - Model Update

With a distressed debt sponsor and an A&E and a drop-down behind it, Pfleiderer is easy to pass over. But there are reasons for this development, and this kind of volatility holds opportunities. Ahead of what could be a cleansing Q425 call, we have dug through the documents, reasoned through the LME, reasoned through the next LME, reasoned through the next restructuring and through how the bonds should be trading throughout the next two years on the basis of our so far quite well tracking models for Silekol and EWP. Pending clarity on a few “details”, we are ready.