Nordex - Still no explanation from management on comments made during call

All,

please find our updated analysis on Nordex here. 

The company has still not answered our questions regarding sustainability of the elevated prepayment levels and covenant discussions.

We therefore continue with our short position for the time being and are looking forward to having a meaningful conversation with management - hopefully soon enough.

In the meantime the new file contains our findings and position at this stage.

Wolfgang