Adler - comment

Adler have secured commitments for the refinancing of the 1L PIK loan via a new €1.2bn 8.25% (1% OID) loan, a transaction that is to save the company nearly

Wolfgang Felix23 December 2024ADLER

Adler - comment

Adler, now under Karl Reinitzhuber, are out this morning with a presentation that largely only documents the restructuring we all have already

Wolfgang Felix28 November 2024ADLER

Adler - comment

Various asset sales: LEG, who already hold the minority share, today announced the acquisition of most of Adler's stake in Back. The price accurately reflects our

Wolfgang Felix5 November 2024ADLER

Adler - comment

Perhaps Adler has a better chance of refinancing more of that First Lien debt now that S&P are raising their rating. We are holding on to our

Wolfgang Felix14 October 2024ADLER

Adler - comment

Even though we felt comfortable with Adler’s financial statements throughout the entire episode - never mind some of the (legal) abuse of standards) - we are

Wolfgang Felix30 September 2024ADLER

Sarria: Best ideas in under 5 minutes.

We are excited to introduce a new feature to more readily deliver to you our top ideas at any time. We are not YouTubers, but we are now recording our ideas in short 2-5 minute videos, which you can find on our website right on top of the landing page.

Wolfgang Felix26 September 2024GENERAL, ADLER, REKEEP, CERBA, EMERIA, OCADO, MORRISOS, MORRISONS

Adler - Which Instrument is best?

Please find our significantly updated analysis here.

Adler finally concluded this second restructuring and the company now has five years to head for the third. The requirement to keep the ADJ bonds

Wolfgang Felix25 September 2024ADLER

Adler - comment

No questions this morning on the Adler call as the meaty issues are not suitable for public discussion on a call. Notably, the yielding portfolio received a

Wolfgang Felix29 August 2024ADLER

Adler - comment

TopCo bondholders voted each bond issue vastly in favour of the restructuring, paving the way for a relatively inexpensive and straightforward implementation

Wolfgang Felix19 June 2024ADLER

Adler - Not a good deal

Please find our updated analysis of Adler here.

It’s gone wrong. The proposed restructuring does not decrease, but increase the PIK burden on the company, putting it under more, not less pressure to sell its volatile development land bank as

Wolfgang Felix31 May 2024ADLER

Adler - comment

We are disappointed this morning that the 2LNs are unable to take out the vast 1L and 1.5L financing ahead of them. The transaction also leaves €2.3bn

Wolfgang Felix28 May 2024ADLER

Adler - Valuation, Recap Scenario and Investment Considerations

Please find our updated model on Adler here.

ADJ bonds are down today on an S&P downgrade that comes a year late in our opinion. Still, we didn’t have it on our screens and bought 5 points higher on the 29s. We know some

Wolfgang Felix9 May 2024ADLER

Adler - Generosity Now - Positioning

Please find our not-yet-updated analysis here.

For all their fur, Adler bonds are rightly trading at a discount to the rest of the market. But that could change more quickly than we thought. Bondholders are

Wolfgang Felix29 April 2024ADLER

Adler - comment

Following last year’s restructuring and the squeeze-out at ARE, as well as the eventual contracting of an auditor, the SteerCo - prompted by

Wolfgang Felix25 April 2024ADLER

Adler - comment

German cities are rarely good buyers of real estate, usually cash-strapped and reluctant. So we are all the more surprised that Adler

Wolfgang Felix24 April 2024ADLER

Adler - comment

There was an odd request to the Derivatives C'ittee earlier this week about whether ARE’s “sex change” from AG to GmbH constituted that it’s now a

Wolfgang Felix8 March 2024ADLER

Adler - comment

We are wondering this morning about the health reasons that Chairman Stefan Kirsten cited as reason for his departure from the board. The timing is curiously

Wolfgang Felix19 February 2024ADLER

Adler - How to unbake the cake.

Please find our unchanged model of Adler here.

We had expected yesterday’s verdict to provide more clarity to Adler and therefore to generally boost valuations of a name that has lagged behind the

Wolfgang Felix24 January 2024ADLER

Adler - comment

The UK’s court of appeal has overturned the approval of last year’s restructuring. That’s a shocker. There is certainly no easy solution the

Wolfgang Felix23 January 2024ADLER