Pfleiderer - The Dust Settles

Pfleiderer is at an interesting inflection point given the state of its current end markets. Having completed the refinancing of its debt over summer, we have gone through the various drivers of its operations and based on the outlook provided in its recent Q2 results, formed our own view of how they will move going forward which is reflected in our latest model. Based on these findings, we have ascertained on the feasibility of a refinancing in the medium term which is driving our view of the bonds.