Lowell - comment

Have we had an epiphany, or are we going mad? For the first time, we’ve been culled from the Q&A - a signal that management are more nervous about the refinancing than their cool performance aimed to suggest. At the same time, the coolness was half convincing. Management must know what the market is thinking after holding that damp squib event in Feb. We’ve long been paddling the thesis that GS had a €200m slice in Permira’s 2020 equity injection. If there is a potential change in ownership at that level, perhaps the new owner will chip in some fresh cash to delever/refi here and hold the business forever after? It’s our only rational explanation. Naturally, ERC nosedived as the "balance sheet velocity program” ramped up. There is no free lunch here, but is there an opportunity after all?