Thank you for the participants yesterday on the Live Discussion. Please reach out to Wolfgang, wfelix@sarria.co.uk, if you have further questions .

Please find an updated analysis of Kloeckner Pentaplast here.

Sometimes your model surprises you. Perhaps that’s what modelling is for, but in the case of Kloeckner Pentaplast, our recap scenario certainly surprises us

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

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

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

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

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

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

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