HEMA - Initiation

All, 

Please find our initiation on HEMA here.

HEMA is a case of a number of fundamental trends garnished with numerous transactional and business related one-off items that have made its analysis more complex than one might ordinarily expect. Nonetheless, we are confident that the company deleverages into year-end by approx. 1 turn through the SUNs.

Thus, we will be looking to some more work on the name in the coming days before deciding if we want to invest here.

 Wolfgang