Antolin - comment

Please find our slightly adapted analysis for Antolin here.

A little More revenue, significantly lower EBITDA and more CapEx are not boding well for the Autosupplier as we go into the first round of tariff discussions on Auto imports to the US. Somehow, the company, who reported its preliminary FY24 financials this morning, must have made up for the shortfall (adjustments?), however, as gross and net debt figures are on target. The company had already communicated the signing of its €220m non-recourse factoring facility, but news to us is the sale of a small non-operating asset for €10m. As a reminder, we see liquidity as precariously thin and further, more substantial asset disposals are required even if tariffs can be averted.