- for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed - after one minute video becomes high-resolution.

Intro, Capital and Legal Structure - 5 Dec 24

Company and Industry - 5 Dec 24

Modelling, FCF, Leverage - 5 Dec 24

Refinancing, Game Theory + Recap - 5 Dec 24

Investment Discussion - 5 Dec 24

SARRIA News -INTU
Adler Pelzer - From like to love
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Adler Pelzer - From like to love
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Please find our update on Adler Pelzer here.

We have been reviewing our automotive names side-by-side, so as to create a bit of an industry view and ensure we view each bottom-up name in a

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Adler Pelzer - comment
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We are slightly puzzled about what Adler Pelzer need €185m minimum cash for, but the entrance of the Hayashis and the partially drawn RCF suggest, and now the

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Adler Pelzer - Far Out
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Adler Pelzer - Far Out
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Please find our updated analysis of Adler Pelzer here.

Clearly, the market is a lot more bullish on European automotive than we are. At least, neither the non-cash earnings lifting APG's EBITDA, nor the

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Adler Pelzer - comment
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Adler Pelzer - comment
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Revenues in EMEA are 10% down and worse than feared, but Asia and Mercosur outperformed. Overall revenue is as expected. We have reallocated past

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Adler Pelzer - A long list - Initiation/Positioning
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Adler Pelzer - A long list - Initiation/Positioning
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Please find our initiation on Adler Pelzer here.

The name has been a familiar HY / distressed staple for the last 20 years, and yet it’s been a long time since any one of us has covered the company and a few

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