AMS Osram - Not all about business - Model Update

Please find our updated model on AMS Osram following the Q3 results here.

With AMS Osram shares down c.20%, the bonds have moved lower in sympathy. In our view, the equity reaction is excessive, and bondholders should

Tomás Mannion21 November 2025AMS, OSRAM

AMS Osram - comment

Creditors received no update on the two key issues that will drive credit spreads in the medium term during AMS Osram’s Q3

Tomás Mannion18 November 2025AMS, OSRAM

AMS Osram - comment

A brief update ahead of AMS Osram’s analyst call this morning. The Q2 results were largely expected, following guidance from the

Tomás Mannion31 July 2025AMS, OSRAM

AMS Osram - comment

AMS Osram has announced an agreement to divest its Entertainment & Industry Lamps business to Ushio for €114 million. The transaction is expected to

Tomás Mannion29 July 2025AMS, OSRAM

AMS Osram - Reading the Tea Leaves - Positioning

Dear All,

Please find our unchanged investment analysis here.

AMS Osram is scheduled to release its Q2 results next Thursday. However, following this morning’s announcement, we are reducing our

Tomás Mannion23 July 2025AMS, OSRAM

AMS Osram - comment

AMS Osram has successfully raised €500 million by tapping its 2029 Euro and Dollar bonds, with the proceeds primarily used to fund the

Tomás Mannion23 July 2025AMS, OSRAM

AMS Osram - comment

AMS Osram extended the RCF by 12 months to September 2027, which was well flagged by the Company. In addition, the Company

Tomás Mannion4 July 2025AMS, OSRAM

AMS Osram - comment

Fitch has downgraded AMS Osram to B, from B+, citing the weaker-than-expected demand from end-markets, leading to lower utilisation of

Tomás Mannion26 June 2025AMS

AMS Osram - comment

AMS Osram has successfully concluded its long-standing legal dispute with Renesas Electronics, securing a settlement of $51.7 million. Although the

Tomás Mannion28 May 2025AMS, OSRAM

AMS Osram - comment

Following the release of AMS Osram’s Q1 results, management is currently engaging with both equity and credit investors. The only feedback

Tomás Mannion14 May 2025AMS, OSRAM

AMS Osram - comment

AMS Osram has launched a consent solicitation for its convertible bonds to amend the guarantees, making it rank pari passu with the rest of the

Buy Side, Sell SideTomás Mannion13 May 2025AMS, OSRAM

AMS Osram - a change in tack

Please find our updated analysis post Q1 2025 results here.

We had previously pointed out that AMS Osram was more of an equity story than and credit, but with company management accepting asset sales are

Buy SideTomás Mannion30 April 2025AMS, OSRAM

AMS Osram - comment

The numbers were slightly ahead of guidance, but that is not the pertinent issue for AMS Osram. Details are a little light, but the Company has acknowledged the need to

Buy Side, Sell SideTomás Mannion30 April 2025AMS, OSRAM

AMS Osram - Refocusing on the issues.

Please find our unchanged analysis, after the Q4 numbers released in March, here.

With the bonds trading down 10-15 points in the downdraft of tariff concerns, we have revisited our analysis of AMS Osram. The Company’s guidance during the

Tomás Mannion15 April 2025AMS, OSRAM

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

AMS Osram - comment

AMS Osram released its Annual Report this morning. We are reviewing the details but have already commented on the Q4 numbers released

Buy Side, Sell SideTomás Mannion21 March 2025AMS, OSRAM

AMS Osram - banking on the backlog - Positioning

Buy SideTomás Mannion19 March 2025AMS, OSRAM

AMS Osram Idea Pitch Video Now Available

AMS Osram Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated AMS Osram page.

Tomás Mannion21 February 2025AMS, OSRAM

AMS Osram - Consistent with our view

Please find our model post Q4 numbers, here.

We have not made any major changes to our projections post Q4 and final FY24 results from AMS Osram. This is mainly a reflection that the credit continues to

Tomás Mannion13 February 2025AMS, OSRAM

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