Synthomer - comment

We will not be closing our short yet. The Winter Statement put EBITDA below guidance (c£142m), but above our estimates (which excluded one-off cost add-backs). The covenant net Debt EBITDA of 4.8x => £650m of net debt. If we exclude the shareholder-provided receivables line of £50m, this rises to 5.1x, compared to a covenant of 5.25x; close, but a pass. Additionally, the 2026 guidance does not suggest to us that management expects a robust 2026.

https://www.synthomer.com/investor-relations/regulatory-news/