Almaviva - updated analysis

All,

We remain long Almaviva for the time being. The name has gained some 10 points since we stepped in, but while we are seeing no material events forthcoming in the short term (Palermo largely priced in) and given the strong normalised cashflow the business generates, we will be clipping coupons here for a little while longer.

Our updated analysis is here. Tomas is your analyst.

Wolfgang