Aston Martin - comment

Jeffries' downgrading of Aston Martin’s equity is not a surprise; we have many of the same conclusions regarding equity. We remain more comfortable with the debt. Post the Right Issue, Aston is funded through the maturity of the bonds. We also see the brand value as sufficient to keep the bonds whole. Bond yields will be volatile and will respond to equity market gyrations. Our model points to some delay in the reversing of working capital outflows, but post the rights issue Aston has ample liquidity and the funds necessary for the launch of the GT/Sports models in 2023.