We had expected a little more engagement from the '30s. After all, this is their chance to draw even with the 28s in the next
Read MoreWhy absolute priority does not mean you get equity is the result of some clever engineering in the RP. Bondholders remain unimpaired if
Read MoreThe deal communicated yesterday is more comprehensive than last week’s press rumours suggested. As predicted, the banks have harmonised terms and
Read MoreThe Spanish newspaper El Confidencial reports that the company has received support from its banks to refinance and extend maturities
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Please find our updated analysis of Antolin here.
Advisors are hired, and bonds are somehow organised, but have not yet heard from Houlihan. We have always said that this is one of those cases where pari passu creditors may not end up pari passu. But a deeper legal analysis has sharpened our
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We have unwound our Long/Short 30s/28s position for 61.5/63 and will be looking at potentially the inverse strategy going into the business end of
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Liquidity is stronger than modelled following the Indian sale closed in January. Cash stands at €314m, although credit lines remain largely
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The company reports a rise in orders and beat our expectations for the year-end, both on revenue and EBITDA. However, the latter was partially
Read MoreThe Apolo acquisition (agreed) of Forvia’s interiors business is insightful. Forvia (Faurecia) is struggling with its margins, like most
Read MoreMoody’s has downgraded Antolin to CAA1 on raised probability of default. The outlook remains negative. The rating was preceded by a steep sell-off in
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Antolin beat our expectations into year-end. Revenue was almost 10% better, and consequently, Q425 EBITDA margin improved
Read MoreThe family appears to be shifting a gear with the generational succession of Ernesto Antolín Calzada by his daughter Emma Antolin. He will remain in
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The EU is reportedly considering proposals to ease the planned 2035 ban on combustion engines. The objective is to support European OEMs and
Read MoreBoth 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
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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
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Antolin Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Antolin page.
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