In line with the downturn in the auto parts industry, the Spanish auto parts group reported Q3 results that were reflective of the industry. Revenues declined by
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Antolin’s Q2 2024 were held back by weaker-than-forecast vehicle sales, but cost control meant EBITDA (and margins) beat our expectations. We will be
Read MoreAntolin today priced their €250 million senior secured notes due 2030 at 10.375%. Use of proceeds is to refinance the existing
Read MorePost an agreement with the lenders on an A&E, non-core asset sales and favourable market conditions, the Spanish auto-parts supplier launched a
Read MoreThe company is speeding towards a refinancing of its 2026 notes after reaching an agreement with its lenders on €530 million debt facilities
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The company reported Q1 2024 results which confirmed our negative view. Revenues declined by 10% to €1.04 billion and below our estimate of €1.2 billion as revenues from
Read MorePost the earnings call yesterday, the company’s guidance on the call was mixed with flat topline growth (due to model volatility) and slower order intake of €5.5 billion at 6% margins but better than expected EBITDA margins of 9% and €400 million for
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The company announced Q4 and FY 2023 results this morning. While the results were pre-announced a couple of weeks ago and were in line with
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We are rotating out of a number of names that have either fulfilled their investment thesis or have failed to do so or have otherwise traded up significantly post March and therefore hold more beta than alpha now:
Read MoreWe are definitively working on more short ideas, but here goes a different view. Below is my entry for graph of the month.
The market has traded up
Some mixed signals from Antolin on the call.
Liquidity:
- On the one hand the liquidity situation looked better than anticipated as despite the Sales trough falling into April, much of the WC related cash outflow falls
Read MoreTwo random themes from Germany this morning: Car Industry Investments and Consumer Rates.
1) Car Industry Investments:
The German car industry could be shedding some 10% of
Read MoreBelow are some random graphs that caught our eyes this week:
1) To our dear American Friends for Thanks Giving: Thank you very much from Germany!
Read MoreFYI: Some visual orientation.
Clearly this has implications beyond merely Germany and the automotive sector.
Read MoreWe have recently been eyeing Antolin for a short. S&P have the company at B+ with stable outlook and Moody’s at B1 with negative outlook. Both have downgraded the company at the turn of the year.
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