The recall is minor, but the bonds may be marked a touch lower. We expect the cost to be £1.5m – £2m. Given we believe that much of the
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Ahead of our LME discussion on Aston Martin today, we note that Fitch has downgraded the AML SSNs to CCC+ as a result of the
Read MoreAppointing a new Chief Commercial Officer will help bonds today. AML has invested a significant amount of money in well-received new
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Operationally, the results were slightly below expectations. The bonds will be softer, but any drop will be reduced by the affirmation of
Read MoreA legal dispute with one of its main shareholders will result in the bonds being marked marginally lower, but we do not expect a
Read MoreAfter last week’s release, the bad news is already out there. Given the liquidity concerns, the full drawing of the RCF (an additional £60m) was
Read MoreAML will have >GBP300m of liquidity after the F1 transaction, but 2025 has ended even weaker than expected. 2026 is expected to see some
Read MoreThe financial metrics behind the downgrade from Fitch to CCC+ match our thinking. We believe a further cash injection will be needed and
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The Q3 and updated FY25 numbers are a little above our recent model update. For now, we are not altering our model and still expect new cash will be
Read MoreThe downgrade to CCC+ will restrict some investors; however, the overall impact is small. Management has already highlighted that some
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The profit warning is primarily driven by lower volumes, following a weak Q2 and a significant deceleration in sales in Q3. However, the group ended Q3 with
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Volumes were below our expectations, and the shift away from Specials deliveries meant that gross margin fell from 39% to 28% in H1. Given the target of
Read MoreThe refusal to supply under a contract is a serious step for a supplier. However, Aston Martin is now receiving the parts, and production has
Read MoreAston has resumed exporting cars to the US, indicating that pre-tariff inventory is now exhausted. Our forecasts already have
Read MoreAston Martin remains vulnerable to further shocks in the US, but we expect the risks to be receding for now. The potential impact on
Read MoreWhen equity has fallen so significantly, paying more cash becomes inevitable to attract the best senior executives and
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Q1 was as weak as the guidance given in the FY results. We are not changing our FY forecasts yet but will update after the 0830 analyst webcast. Volumes were
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