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Sarria | SYNTHOMER - Client Call, THURSDAY, 22 Jan, 3 pm UK | 10 am EST

 

Cap Structure - 22 Jan 26

Investment Discussion - 22 Jan 26

Base Case EBITDA - 22 Jan 26

Cashoflow - 22 Jan 26

DCF Valuation, Issues - 22 Jan 26

Game Theory - 22 Jan 26

 

Presentation

 
SARRIA News -INTU
Aengus McMahon
Synthomer - comment
Aengus McMahon

We have heard press reports that the company is working with Rothschild on refinancing its debt (including a possible equity raise). We see this

Aengus McMahon
Aengus McMahon
Synthomer - comment
Aengus McMahon

We think the equity raise is being pushed on Synthomer by its banks. Synthomer required a receivables loan from its main shareholder to

Aengus McMahon
Synthomer - comment
Aengus McMahon
Synthomer - comment
Aengus McMahon

We will not be closing our short yet. The Winter Statement put EBITDA below guidance (c£142m), but above our estimates (which excluded

Aengus McMahon
Synthomer Client Call and Presentation are now available on the website.
Martha Felix
Synthomer Client Call and Presentation are now available on the website.
Martha Felix

Synthomer Client Call is now available on Synthomer’s page.

Martha Felix
Synthomer - Chemical Reaction - Initiation - Positioning
Aengus McMahon
Synthomer - Chemical Reaction - Initiation - Positioning
Aengus McMahon

Please find our new analysis here.

Synthomer continues to struggle to stabilise margins, let alone grow them. Its divisions are focused on Styrene and Butadiene, but create unrelated

Aengus McMahon
Martha Felix
Synthomer - coming soon
Martha Felix
Martha Felix