Adler Pelzer - At Face Value - Model Update

Please find our updated analysis of Adler Pelzer here.

At face value, the bonds look refinanceable. A tidy 1.5x FCCR should usually do. However, the picture deteriorates when taking into

Wolfgang Felix17 November 2025ADLER PELZER

Adler Pelzer - comment

Capitalised Assets and R&D Costs of €17,6m added to €45.5m of CapEx = €63m, which does not begin to equate to the

Wolfgang Felix6 November 2025ADLER PELZER

Adler Pelzer - comment

Adler Pelzer slightly beat our expectations with Q325 EBITDA coming in some €5m better than forecast. CapEx remained

Wolfgang Felix3 November 2025ADLER PELZER

Adler Pelzer - Positioning

Keeping the price high has allowed incumbent creditors to keep out more aggressive funds that would be ready to own the

Wolfgang Felix31 October 2025ADLER PELZER

Adler Pelzer - comment

We are reading this morning that some APG bondholders have stopped lending out their bonds, driving a squeeze of

Wolfgang Felix29 October 2025ADLER PELZER

Adler Pelzer - comment

It’s Friday, and the market is not so friendly. Having sent out our IM on APG only yesterday, in which we decided to wait for

Wolfgang Felix17 October 2025ADLER PELZER

Adler Pelzer - Second time lucky! - Model Update - Positioning

Please find our updated analysis of Adler Pelzer here.

We had been short this name at the end of last year, but this time there is a more concrete set of catalysts, including a relatively hard stop around

Wolfgang Felix16 October 2025ADLER PELZER

Adler Pelzer - comment

We are reading news reports or rumours that Adler Pelzer, advised by Barclays, have begun working on the refinancing. The solution is

Wolfgang Felix9 October 2025ADLER PELZER

Adler Pelzer - comment - Positioning

We are buying back our short in the name at par after bleeding away the coupon for too long. The business is surviving the tariff terror in the US, and that

Wolfgang Felix2 September 2025ADLER PELZER

Adler Pelzer - comment

So Adler Pelzer's EBITDA has been outperforming our forecast recently, even if at the cash level we haven’t seen the difference, but the call may just have provided the answer as to why. There appears to be a €20m reclassification of R&D expenses into CapEx, as new launches are being postponed. The performance is therefore

Wolfgang Felix9 June 2025ADLER PELZER

Adler Pelzer - comment

Adler Pelzer beat our expectations in Q2, primarily due to lower tooling business than last year. Otherwise, the quarter looked in line with

Wolfgang Felix30 May 2025ADLER PELZER

Sarria: Tariff Terror - what it means for every name

As tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt.

The idea here is

Standard Profil/Adler Pelzer/Antolin/AMS - comment

In what could be a cautionary note for other auto suppliers, Schaeffler issued a profit warning this morning reducing its EBIT margin from a market consensus of

Tomás Mannion22 January 2025ADLER PELZER, STANDARD PROFIL, ANTOLIN, AMS

Adler Pelzer - From like to love

Please find our update on Adler Pelzer here.

We have been reviewing our automotive names side-by-side, so as to create a bit of an industry view and ensure we view each bottom-up name in a

Wolfgang Felix13 December 2024ADLER PELZER

Adler Pelzer - comment

We are slightly puzzled about what Adler Pelzer need €185m minimum cash for, but the entrance of the Hayashis and the partially drawn RCF suggest, and now the

Wolfgang Felix4 December 2024ADLER PELZER

Adler Pelzer - Far Out

Please find our updated analysis of Adler Pelzer here.

Clearly, the market is a lot more bullish on European automotive than we are. At least, neither the non-cash earnings lifting APG's EBITDA, nor the

Wolfgang Felix2 December 2024ADLER PELZER

Adler Pelzer - comment

Revenues in EMEA are 10% down and worse than feared, but Asia and Mercosur outperformed. Overall revenue is as expected. We have reallocated past

Wolfgang Felix2 December 2024PELZER, ADLER PELZER

Adler Pelzer - A long list - Initiation/Positioning

Please find our initiation on Adler Pelzer here.

The name has been a familiar HY / distressed staple for the last 20 years, and yet it’s been a long time since any one of us has covered the company and a few

Wolfgang Felix25 November 2024ADLER PELZER, PELZER