Naviera Armas - not yet

All,

Please find our detailed analysis of Naviera Armas here.

While we are coming to the conclusion that the company will ultimately achieve its targeted EBITDA of E100m, we are concerned that leverage is going to continue to rise over the coming two quarters, before beginning to fall thereafter. 

Thus bar any further information on what the company is looking to discuss with funds, we are holding off with an investment for a little longer in the hope we can pick up the bonds at a lower price later. 

Wolfgang