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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
We have heard press reports that the company is working with Rothschild on refinancing its debt (including a possible equity raise). We see this
We think the equity raise is being pushed on Synthomer by its banks. Synthomer required a receivables loan from its main shareholder to
We will not be closing our short yet. The Winter Statement put EBITDA below guidance (c£142m), but above our estimates (which excluded
Synthomer Client Call is now available on Synthomer’s page.
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