The company performed better than model in Q1. Revenues were lower, but management had been renegotiating supply contracts, which is beginning to
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We shorted Antolin10 3/8s at 82 in March, but are now buying back the position at 70 as we are getting carried out. The bonds had reached the
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The financials were very much on target in Q4, but they were already guided and won’t be the focus of today’s call. The presentation includes only a
Read MoreAs 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
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Antolin Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Antolin page.
Read MoreWe took that short just in time. It turns out, however, that we don’t have to wait for Q1 to look forward to covenant discussions. We hear that not
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A little More revenue, significantly lower EBITDA and more CapEx are not boding well for the Autosupplier as we go into the first round of tariff discussions on Auto imports to
Read MoreIn 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
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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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