There will be no impact on trading levels from Graanul's conference call yesterday. There was plenty of discussion around contracted
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We expect little immediate impact on trading levels from Graanul's reported Q2 results yesterday. The investor call
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Please find our updated analysis on Graanul here, following its second non-deal roadshow in six months.
Apollo and the management team believe the current market offers an opportunity to refinance the bonds and have launched a second non-deal roadshow this week to test investor appetite. The Company attempted a refinancing earlier this year and now pursues a transaction following some increased visibility on volumes beyond FY26. We remain sceptical about Graanul’s medium-term earnings potential, which we discuss in more detail below.
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Graanul’s bonds rose by around five points following the Q1 call last night, as investors took comfort from announcements of new contracts
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Graanul’s Q1 financial results were broadly in line with expectations, although production numbers were stronger than
Read MoreThe FT reports that the Japanese government is reducing subsidies for the biomass sector, framing the development negatively as a cut to
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Graanul reported its Q3 results, which were broadly in line with expectations. Demand for wood pellets has strengthened since the
Read MoreDrax announced this morning that it has entered into a contract with the UK Government to continue operating its biomass
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Graanul released its Q2 results this morning, with a conference call scheduled for tomorrow at 1 pm. The initial reaction to the results is that
Read MoreGraanul provided an update on the consent solicitation process, as over 75% of existing noteholders have acceded to the Amend and Extend agreement. The early
Read MoreThe Drax results yesterday, and management’s subsequent comments, reaffirm our view that Graanul will remain under pressure post FY26. We view the
Read MoreFitch has downgraded Graanul’s credit rating to B minus from B plus, citing refinancing risk as the primary concern. Notably, Fitch does not
Read MoreThis is broadly the deal we were looking for - safe perhaps for at least a token of shareholder contribution. Absent any information from Drax et al., neither
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The Q1 numbers are in line with our view. The financials are the secondary focus for Graanul, and all eyes will be on the Company’s plan to secure
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Time is ticking. We are revisiting the name after receiving several questions about it. The bonds have been stuck in the mid-80s since April as doubts
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Graanul released its FY24 annual report yesterday but most of the numbers were already in its non-deal roadshow presentation in February. Despite
Read MoreDrax released its FY24 numbers but we await the Q&A to glean new information about its agreement with the UK government regarding subsidies for
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