Dear All,

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

We remain constructive on the Pfleiderer situation and the amended high yield bonds. Hence we intend to keep our current exposure in the

The German wood panel manufacturer reported Q3 results which still reflected the downturn in the German construction industry with the only positive news that

Please find our updated analysis post the Q2 2024 results and A&E process on Pfleiderer here.

We remain constructive on the Pfleiderer situation and the amended high yield bonds. Hence we intend to keep our current exposure in the

Please find our unchanged analysis here.

Having digested the A&E proposal from Pfleiderer and its shareholder - Strategic Value Partners, creditors are asked to extend SVP’s equity option for 3 years

In light of the headlines on Klockner Pentaplast (another SVP portfolio company) and our view that SVP will act constructively to creditors on that process,

Please find our updated model and positioning on Pfleiderer, here.

After listening to the Q4 2023 & Q1 2024 earnings call, we were pleasantly surprised by the strong outlook from the company. We feel

Based on the FY 2023 numbers, the company reported sales of EUR 939 million (vs. our estimates of EUR 1 billion) and a decline of 19%. However, reported EBITDA for 2023

Please find our model here.

We think Pfleiderer is a good business that has successfully repositioned itself for the premium segment within its industry since 2019. Management will be focused on

 Please find our Pfleiderer initiation here. 

While we think Pfleiderer is a quality business - it is in the wrong place at the wrong time with debt maturities in 2025 and 2026. The company has a quality