Steinhoff - Retaining Position
All,
Please find our updated analysis and entity priority model here.
We retain our position unchanged but have made further updates to the model to reflect forthcoming changes as per the Grand Settlement. We have reduced our headline target price for the LuxCo 1 A1s, but that is primarily driven by a number of sandbags we have inserted - primarily on the realisation value of less liquid assets including real estate in Europe and in Africa.
Despite the pandemic, our investment rationale, therefore, remains effectively unchanged and a first payment following the Grand Settlement should be forthcoming in Q121.
Wolfgang
________________
E: wfelix@sarria.co.uk
T: +44 203 744 7003