Aston Martin - comment

Despite a strong 2022 comp, AML beat our Q4 expectations for Revenue and Adjusted EBITDA. The weaker-than-expected operational cash flow resulted from a working capital outflow of £86m driven by delivery delays in the DB12 models, which were resolved in January. The successful launch of the Vantage has reduced new model risk. Whilst AML will consume cash in 2024, it expects to be sustainably free cash flow positive from H2. We entered the trade in June last year with an expectation of being refinanced in November 2024. We are going to exit the transaction having earned 10% on our SUN position and 9% on the SSNs.