Almaviva - position

All,

Please find our analysis on Almaviva here.

We have taken a position in the bonds for 3% of NAV at 77c/E on the 8th of October.

In its call centre business, the company is fighting a structural migration of the sector to Eastern Europe - notably Romania. Meanwhile, it is also in the process of re-tendering for some of its largest contracts - with the Italian rail authority. While the downside is not fully priced in here, neither is the upside.

Wolfgang