AMS Osram - comment

AMS Osram has successfully concluded its long-standing legal dispute with Renesas Electronics, securing a settlement of $51.7 million. Although the

Tomás Mannion28 May 2025AMS, OSRAM

AMS Osram - comment

Following the release of AMS Osram’s Q1 results, management is currently engaging with both equity and credit investors. The only feedback

Tomás Mannion14 May 2025AMS, OSRAM

AMS Osram - comment

AMS Osram has launched a consent solicitation for its convertible bonds to amend the guarantees, making it rank pari passu with the rest of the

Buy Side, Sell SideTomás Mannion13 May 2025AMS, OSRAM

AMS Osram - a change in tack

Please find our updated analysis post Q1 2025 results here.

We had previously pointed out that AMS Osram was more of an equity story than and credit, but with company management accepting asset sales are

Buy SideTomás Mannion30 April 2025AMS, OSRAM

AMS Osram - comment

The numbers were slightly ahead of guidance, but that is not the pertinent issue for AMS Osram. Details are a little light, but the Company has acknowledged the need to

Buy Side, Sell SideTomás Mannion30 April 2025AMS, OSRAM

AMS Osram - Refocusing on the issues.

Please find our unchanged analysis, after the Q4 numbers released in March, here.

With the bonds trading down 10-15 points in the downdraft of tariff concerns, we have revisited our analysis of AMS Osram. The Company’s guidance during the

Tomás Mannion15 April 2025AMS, OSRAM

Sarria: Tariff Terror - what it means for every name

As tariffs continue to influence market dynamics, we've taken a comprehensive look across our coverage to highlight the names most likely to be affected. For full transparency, we've also included those that remain unaffected—it's just as important to understand where the impact isn't being felt.

The idea here is

AMS Osram - comment

AMS Osram released its Annual Report this morning. We are reviewing the details but have already commented on the Q4 numbers released

Buy Side, Sell SideTomás Mannion21 March 2025AMS, OSRAM

AMS Osram - banking on the backlog - Positioning

Buy SideTomás Mannion19 March 2025AMS, OSRAM

AMS Osram Idea Pitch Video Now Available

AMS Osram Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated AMS Osram page.

Tomás Mannion21 February 2025AMS, OSRAM

AMS Osram - Consistent with our view

Please find our model post Q4 numbers, here.

We have not made any major changes to our projections post Q4 and final FY24 results from AMS Osram. This is mainly a reflection that the credit continues to

Tomás Mannion13 February 2025AMS, OSRAM

Standard Profil/Adler Pelzer/Antolin/AMS - comment

In what could be a cautionary note for other auto suppliers, Schaeffler issued a profit warning this morning reducing its EBIT margin from a market consensus of

Tomás Mannion22 January 2025ADLER PELZER, STANDARD PROFIL, ANTOLIN, AMS

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