AMS Osram - comment

AMS Osram completed the sale of the Entertainment and Industry Lamps business announced in July 2025. Proceeds is

Tomás Mannion3 March 2026AMS, OSRAM

AMS Osram - Balance sheet questions - Model Update

Please find our updated analysis of AMS Osram following the announced asset sale and the Q4 results, here.

AMS Osram’s credit profile has materially improved. Following the announced asset sale to Infineon, which the company expects to

Tomás Mannion27 February 2026AMS, OSRAM

AMS Osram - comment

Following last week’s divestment announcement, the Q&A was largely forward-looking, with analysts focused on understanding the shape and

Tomás Mannion10 February 2026AMS, OSRAM

AMS Osram - comment

AMS Osram has delivered on its promise, deleveraging the business substantially. Infineon are buying the non-Optical Analog/Mixed-Signal Sensor Business for

Tomás Mannion4 February 2026AMS, OSRAM

AMS Osram - comment

AMS Osram has extended its long-term brand licensing agreement with Traxon Lighting, securing continued use of the OSRAM brand in

Tomás Mannion21 January 2026AMS, OSRAM

AMS Osram - comment

AMS Osram is targeting approximately €500m of asset disposals as part of its deleveraging strategy. Against this backdrop, it is unsurprising that

Tomás Mannion20 January 2026AMS, OSRAM

AMS Osram - comment

AMS Osram announced the tender of its convertible bonds, with approximately €200m tendered at 96%. While the tendered amount was

Tomás Mannion19 January 2026AMS, OSRAM

AMS Osram - comment

Our key takeaway from AMS Osram’s statement is the reaffirmation of its asset disposal strategy and, notably, the absence of any

Tomás Mannion13 January 2026AMS, OSRAM

AMS Osram - comment

We exited our convertible bond position in AMS Osram at 95% in July, as we did not believe the Company would pursue a tender for

Tomás Mannion18 December 2025AMS, OSRAM

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

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