Please find our updated analysis here. 

After two profit warnings this year, the bonds have gone into freefall, quoted at c.40% in the last couple of weeks. The quantity of the profit warnings has

Read More

After Standard Profil’s Q3 results, Moody downgraded the bonds to Caa3 from Caa1, coupled with a negative outlook.  This is primarily driven by the

Read More

Volume, volume and more importantly, the lack of volume.  Standard Profil reported disappointing results yesterday, with revenue down 9% from

Read More

Very disappointing Q3 results from Standard Profil, with revenue down 14%.  Not surprisingly, this had a larger impact on EBITDA, with EBITDA

Read More

This is very much a non-news story, with S&P catching up with the rest of the market and placing Standard Profil’s bonds on

Read More

Following the July profit warning due to weaker OEM production levels and the upcoming RCF and bond maturities, Standard Profil reported that it had

Read More

Other auto suppliers are also starting to feel the pinch due to the continued slowdown of electrification and lower production forecasts

Read More

I've attached our updated analysis here.  

It’s back to a bet on OEM volumes and sponsor support. In the release, there was more Company background about improving market share but with leverage

Read More

Standard Profil has been without a CFO since June when Otto Tomaschek resigned.  The original replacement, Gunter Hiller, could not leave

Read More

Standard Profil management again reiterated their aim of refinancing the RCF (due April 2025) and their HY bond (due May 2026) together, before

Read More

In early July, Standard Profil issued a trading and outlook update, reflecting the recent BEV sales slowdown by some OEM customers, across the market specifically

Read More

Please find our updated model here.

The Company continues to make slow progress on improving its Gross Profit and EBITDA levels, building on order wins recorded over the

Read More

We are reviewing our model on the name post the conference call held yesterday.  Our fundamental view remains the same but see talks of an early refinance as

Read More

An improving Gross Profit margin driven by further efficiencies has led to higher EBITDA.  This was also aided by slightly higher volumes making the

Read More

Headline numbers from Friday’s release are strong, with the Gross Profit margin inflated by a reversal of the IAS 37 impact. Despite this reversal from Q1 23, the Gross Profit margin

Read More

Tesla are stopping production in their Berlin factory from Jan 29th to Feb 11th due to the disruption in the supply chain from the ongoing conflict in the

Read More

We have recently updated our model on Standard Profil, so post Q3 numbers, here is a short update.

Nothing in this set of numbers is going to change the fundamentals for Standard Profil. The business continues to make small progress, and we can

Read More

The Company released its Q3 numbers last night, ahead of its investor call next week.  Headlines will be favourable, with EBITDA up to

Read More

Please find our updated analysis on Standard Profil here.

We didn’t update our model post-Q2 numbers as the actual numbers were in line with our model. There is a summary below but we are more focused on the upcoming quarters and fast-forwarding to FY25 when refinancing will be required. The business

Read More

Standard Profil released their Q2 numbers which are ahead of their guidance given earlier this year. On the back of the numbers and slightly better underlying

Read More