SGL Carbon - Correcting 2020 outlook

All,

Please find our updated analysis of SGL Carbon here.

Clearly the strong shareholders of the company are spoiling prices for fundamental investors like us. As the company is set to burn though its cash stash over the year (still has a (175m undrawn RCF) leverage is set to rise materially for the foreseeable future. As such we find a yield of 5-6% inadequate. But said shareholders have a well-founded long term interest in the success of the company and so - all will be fine.

We are not taking a position in SGL Carbon at this time.

Wolfgang