- 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, History, Cap and Legal Structure - 11 Jun 24

Industry, Business Description - 11 Jun 24

Financial & Forecast - 11 Jun 24

Investment Discussion - 11 Jun 24

SARRIA News -INTU
Klockner Pentaplast: Tick Tock on the Refinancing
Saahil Dey
Klockner Pentaplast: Tick Tock on the Refinancing
Saahil Dey

Please find our updated analysis post the Q3 2024 results on Klockner Pentaplast here.

KP delivered a disappointing Q3 2024 earnings report with a reduction in guidance for EBITDA and free cash flow driven by continued pharma de-stocking

Saahil Dey
Klockner Pentaplast - comment
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

We have decided to sell our 2% position in the senior secured notes at 96.5 giving us a nice profit of ten points in five months as we feel the upside is limited given the

Saahil Dey
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

As part of the wall crossing process in their current refinancing discussions, the German plastic packaging group through its advisers have asked new investors (which are

Saahil Dey
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

As the primary markets open up to “story” credits, the SVP owned German plastic packaging group appears to be pre-marketing a €2 billion debt refinancing which

Saahil Dey
Klockner Pentaplast - sailing into a refinancing
Saahil Dey
Klockner Pentaplast - sailing into a refinancing
Saahil Dey

Please see our updated analysis and model post the Q2 2024 results on Klockner Pentaplast here.

KP delivered a mixed Q2 2024 earnings report with good performance in the PHD segment which compensated for weakness in the FP segment

Saahil Dey
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

Over 50% of the EUR TLB lenders have signed a cooperation agreement along with the majority of the USD TLB lenders. As a reminder, this is considered a

Saahil Dey
Klockner Pentaplast - comment
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

The company underperformed our Q2 2024 revenues by EUR 28 million (by nearly 6%) due to lower pharma volumes, rigid films and reduction in raw material and

Saahil Dey
Martha Felix
Klockner Pentaplast - comment
Martha Felix

KP released preliminary trading results in which the Company have guided to higher Adj. EBITDA for Q2 and to the higher end of

Martha Felix
Klockner Pentaplast - Packing in a refinancing - Positioning
Saahil Dey
Klockner Pentaplast - Packing in a refinancing - Positioning
Saahil Dey

Please find our updated model post-Q1 results on Klockner Pentaplast here. 

KP is suffering from transitory issues (inventory de-stocking, elevated inflation, demand weakness in its labels & card division) which will dissipate in H2 2024 with

Saahil Dey
Saahil Dey
Klockner Pentaplast - comment
Saahil Dey

Klockner Pentaplast (Saahil): Going back to the future, it seems that the €300 million senior notes are seeing a new buyer or set of buyers with the notes up

Saahil Dey
Klocker Pentaplast - comment
Saahil Dey
Klocker Pentaplast - comment
Saahil Dey

Post our initiation of Klockner Pentaplast, the company reported Q1 2024. Revenues of €468 million were below our estimates of €534 million driven by volume declines in

Saahil Dey
Klockner Pentaplast: packing for a refinancing or debt exchange
Saahil Dey
Klockner Pentaplast: packing for a refinancing or debt exchange
Saahil Dey

Please find our initiation and model on Klockner Pentaplast here as a framework for discussion.

As any market participant in the European high yield market with gray hair would observe, Klockner Pentaplast has been a special situation

Saahil Dey
Saahil Dey
Klöckner Pentaplast - comment
Saahil Dey

Gerresheimer, the German packaging group today announced the acquisition of Italian packaging group - Bormioli Pharma for €800 million or a

Saahil Dey