Both bonds are up this morning by approx. 5 points on the sale of the €110m revenue Indian business for a respectable €159m to
Read MoreFollowing yesterday’s call, we are maintaining our positioning in the name. Upon several requests from the audience, management indicated again that the
Read More
We had dropped our forecast only slightly following the poor Q2 results, in order to test our thesis with a more constructive outlook (we are
Read MoreThe company is playing for time. Following the publication of a Spanish press article in the summer, conversation surrounding Antolin seems to
Read More
Antolin Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Antolin page.
Read More
We were discussing with some of you that the bonds would drop a little this morning - mostly because there is a continued search for underperforming automotive suppliers on the back of weak volumes in Q2 - in turn driven by steep tariffs, flat macro growth and
Read MoreThe new €150m 2032 ICO-backed loan (funding available to companies affected by US tariffs) is great news. The company had been alluding to negotiations, but we
Read More
The company performed better than model in Q1. Revenues were lower, but management had been renegotiating supply contracts, which is beginning to
Read More
We shorted Antolin10 3/8s at 82 in March, but are now buying back the position at 70 as we are getting carried out. The bonds had reached the
Read More
The financials were very much on target in Q4, but they were already guided and won’t be the focus of today’s call. The presentation includes only a
Read MoreAs 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
Read More
Antolin Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Antolin page.
Read MoreWe took that short just in time. It turns out, however, that we don’t have to wait for Q1 to look forward to covenant discussions. We hear that not
Read More
A little More revenue, significantly lower EBITDA and more CapEx are not boding well for the Autosupplier as we go into the first round of tariff discussions on Auto imports to
Read MoreIn 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
Read More
In line with the downturn in the auto parts industry, the Spanish auto parts group reported Q3 results that were reflective of the industry. Revenues declined by
Read More