Fitch has maintained Emeria’s bond ratings at B and CCC for the senior secured and senior unsecured, respectively, but revised
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Please find our updated analysis of Emeria here.
It is June, and the end of Q225 is less than a month away. If the WC outflow still represented a problem, we’d have heard of it now. It’s inflows from here. The company’s strong market position in France should allow it to hold on to the Phenix cost savings, and
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Q1 results this morning are encouraging. EBITDA came in slightly ahead of expectations and WC was managed much more tightly, to the point where
Read MoreA downgrade is "not an option” were the words from management on the last call. Moody’s downgrade was on the cards, and apparently,
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The call yesterday was as long as they usually are at Emeria, although the company’s policy to issue the financial report only a month later felt a little
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Crucially the company has not yet released the Q4 financial statements. Revenues are right on target and cost management has been some €10m worse than
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Emeria Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Emeria page.
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Emeria delivered solid operating performance, but very much underwhelmed with undiminished WC and thus lower liquidity than we had
Read MoreWe 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.
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We are closing out our position in Emeria. Having lost two points and some carry, we are unwinding this position in line with timing originally outlined in our
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Across the board, Q2 results were slightly stronger than expected, but not by a long way. We continue to see the company requiring fresh
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