Takko - better lucky than goo

All,

Please find our update on Takko here.

Takko is a case of “better lucky than good”. Management should agree with that statement these days.

Anyhow, if the bonds are hyped above par and German retail starts struggling again, the name could be come an interesting short from May onwards.

For the moment there is nothing to do here. But EBITDA margins above 13.5% have never lasted long for Takko and while there is no negative catalyst about there also is no good one in sight. A CoC would be the ultimate upside.

Wolfgang