Pfleiderer - comment

Pfleiderer Q425 financials track our model well, and the proceeds from the new Silekol borrowings and SVP injection are now visible. We will be doing further work on Pfleiderer, now that the transaction leaves it with more time and the market position intact. The company writes about improved pricing environment in H225, and, cyclical as the business is, this could be the time to replicate SVP’s trade in 2012 (very profitable, took a net €275m in dividends to date).