Douglas - comment

Rumour is making the rounds that Douglas have appointed Rothschilds to explore a 2024 Frankfurt listing. It’s an odd rumour. On the one hand, CVC have been eyeing a public exit from the start and we only recently wrote about the option. On the other, the choice of Rothschild & Co. sounds unusual for a household name. Naturally, a 2024 IPO would provide a good exit from our 2ln PIYCs, currently quoted at around 85c/€ for a 15% YTM in 2026.