Kem One - comment

Liam Nolan, from FTI Consulting, has been appointed CFO at Kem One. Mr Nolan, who has extensive experience in restructuring,

Tomás Mannion18 June 2025KEM ONE

Kem One - Maintaining our view.

Please find our model update for Q1 numbers here.

The only thing that Kem One’s Q1 results confirmed is that there is no sign of a recovery. Operationally, Kem One restarted production in

Tomás Mannion30 May 2025KEM ONE

Kem One - comment

Management's approach during yesterday's call came across as somewhat defensive, as they maintained the position that

Tomás Mannion23 May 2025KEM ONE

Kem One - comment

No sign of life in the European PVC markets with Kem One experiencing lower volumes than last year, and demand in Europe and the

Tomás Mannion22 May 2025KEM ONE

Kem One - comment

Kem One held its Q4 and FY24 call yesterday, but it was very much backwards-focused and would only answer questions about FY24 performance. Management reiterated

Sell SideTomás Mannion25 April 2025KEM ONE

Kem One - comment

Kem One released its Annual Report this morning and will hold a conference call tomorrow (Thursday) afternoon at 2:30 pm. As part of the cleansing presentation,

Sell SideTomás Mannion23 April 2025KEM ONE

Kem One - Getting off the fence - Positioning

Please find our unchanged analysis here.

The recent turmoil in the markets has resulted in the Kem One bonds trading down 10 points from levels seen just after the confirmation of the

Tomás Mannion10 April 2025KEM ONE

Kem One - comment

Although the new Super Senior facility has given Kem One some liquidity, we maintain that without a recovery in the PVC market, liquidity will

Sell SideTomás Mannion8 April 2025KEM ONE

Kem One - some clarity, lots of uncertainty

Please find our updated analysis post the cleansing document on the new super senior facility here.

The new Draw Term Loan has given clarity and liquidity to Kem One. However, the fundamental problems remain. The prolonged downturn in recent years

Buy SideTomás Mannion27 March 2025KEM ONE

Kem One - comment

Kem One has announced the anticipated new money finance to meet its liquidity needs, settling on €200m, €120m funded at closing and €80m effectively as a

Buy Side, Sell SideTomás Mannion20 March 2025KEM ONE

Kem One - comment

Kem One bondholders have organised under law firm Paul Hastings, to provide additional new money or, more importantly, to ensure any new money providers don’t

Tomás Mannion24 February 2025KEM ONE

Kem One - comment

Kem One bondholders have appointed Paul Hasting as legal adviser as the Company struggles with continued weakness in the PVC market. It is reported that

Tomás Mannion13 February 2025KEM ONE

Kem One - Uncertain times ahead - Initiation

Please find our model on Kem One here.

After a brief conversation on the desk, the consensus is that Kem One is not investible at the current time. The current outlook for PVC and caustic soda, especially given the excess capacity in the European market, implies EBITDA will remain subdued in

Tomás Mannion10 December 2024KEM ONE