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

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

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

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

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

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

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

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

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

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

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

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

Please find our updated model here.

Following the release of Q1 numbers, we have re-examined our model in light of Standard Profil’s updated guidance. We have increased our revenue and EBITDA expectation, but we can’t match the Company’s guidance of

Standard Profil reported their Q1 numbers but they are largely impacted by the previously reported additional €15m of additional compensation received in

Please find our updated model here. 

A short note following Standard Profil’s announcement last night, as we published after the Q4 results earlier this month. In line with our expectations that

Please find our updated analysis here.

In the absence of an agreement with the OEMs, it is very difficult to come to a concrete view on Standard Profil. As a reminder, Q4 guidance, given end of November was for a range