ams OSRAM - comment

As often is the case, the actual numbers reported this morning are of secondary consideration, with analysts and markets focused on the poor guidance given for Q1 and longer term. We hadn’t very ambitious targets for FY23 in the first place, but even so, we are re-evaluating our model to find a good time for taking an active position. AMS Osram has sufficient liquidity including their undrawn €800m revolver and despite weaker guidance, deleveraging is still management’s underlying target.

We will update our model in due course.