Standard Profil - comment

We are reviewing our model on the name post the conference call held yesterday.  Our fundamental view remains the same but see talks of an early refinance as premature.  Standard Profil needs to refinance its RCF which is due in April 2025, but with the bonds due in May 2026, a refinancing before the summer recess is, in our view, unlikely.  With the new CFO having just started his job on June 1st, we see it unlikely that there is any time pressure for a refinancing in the short term.  We have no doubt it is the top priority of the new CFO, but I think we should let him find his way around the office before embarking on a refinancing.