AMS Osram - Uncertain Future.

Please find our updated analysis here.

Although Q3 numbers and the Company’s guidance for Q4 and Q1 are similar to our projections, the release has left us with some doubt about the

Tomás Mannion11 November 2024AMS, OSRAM

AMS Osram - comment

AMS Osram released its Q3 results in line with previous guidance. Quick observations include weaker guidance for Q4 2024 and Q1 2025, with the

Tomás Mannion7 November 2024OSRAM, AMS

AMS Osram - comment

The private placement of €200m additional senior Notes, due in 2029 removes the uncertainty of AMS Osram’s liquidity in the short term. We are a little surprised that

Tomás Mannion13 September 2024OSRAM, AMS

AMS Osram - comment

The announcement from AMS Osram was a disappointment. Not for what it said, (the sale announced in May has closed, with the receipt of €45m) but for what

Tomás Mannion3 September 2024AMS, OSRAM

AMS Osram - comment

Post Q2 numbers rating agencies are striking a more cautious note on AMS Osram than us. On Thursday, Moody’s confirmed the B2 long-term rating but

Tomás Mannion9 August 2024AMS, OSRAM

AMS Osram - comment

AMS Osram operationally continue to meet and slightly exceed their expectations, with Revenue in line and EBITDA above mid-point

Tomás Mannion26 July 2024AMS, OSRAM

AMS Osram - Back to Basics - Positioning

Please find our updated analysis here.

We have invested in AMS Osram successfully over the last year and we feel now is the time to re-enter the name. There are a couple of positive event risks in the

Tomás Mannion8 May 2024OSRAM, AMS