Standard Profil/Adler Pelzer/Antolin/AMS - comment

In what could be a cautionary note for other auto suppliers, Schaeffler issued a profit warning this morning reducing its EBIT margin from a market consensus of

Tomás Mannion22 January 2025ADLER PELZER, STANDARD PROFIL, ANTOLIN, AMS

Adler Pelzer - From like to love

Please find our update on Adler Pelzer here.

We have been reviewing our automotive names side-by-side, so as to create a bit of an industry view and ensure we view each bottom-up name in a

Wolfgang Felix13 December 2024ADLER PELZER

Adler Pelzer - comment

We are slightly puzzled about what Adler Pelzer need €185m minimum cash for, but the entrance of the Hayashis and the partially drawn RCF suggest, and now the

Wolfgang Felix4 December 2024ADLER PELZER

Adler Pelzer - Far Out

Please find our updated analysis of Adler Pelzer here.

Clearly, the market is a lot more bullish on European automotive than we are. At least, neither the non-cash earnings lifting APG's EBITDA, nor the

Wolfgang Felix2 December 2024ADLER PELZER

Adler Pelzer - comment

Revenues in EMEA are 10% down and worse than feared, but Asia and Mercosur outperformed. Overall revenue is as expected. We have reallocated past

Wolfgang Felix2 December 2024PELZER, ADLER PELZER

Adler Pelzer - A long list - Initiation/Positioning

Please find our initiation on Adler Pelzer here.

The name has been a familiar HY / distressed staple for the last 20 years, and yet it’s been a long time since any one of us has covered the company and a few

Wolfgang Felix25 November 2024ADLER PELZER, PELZER