Almaviva - end of the track

Please find our unchanged model here.

Eventually, AlmaViva will pull into the refinancing station having stated on their Q2 conference call their intention to raise a new bond and RCF next month. This will

Tomás Mannion9 August 2021ALMAVIVA

Almaviva - 1.825% - What are we waiting for?

Please find our unchanged analysis here.
We wonder why despite the company’s client concentration this bond has not been refinanced yet. Yes, maturity is

Tomás Mannion26 May 2021ALMAVIVA

Almaviva - just waiting for the refinancing

Please find our updated model here.

We had expected this bond to be refinanced in Q1 2021. Obviously, this has not happened, but we remain confident that the Company will refinance in the next 6 weeks either

Tomás Mannion13 April 2021ALMAVIVA

AlmaViva - Refinancing in Q1 2021 most likely

Please find our updated analysis here.

We currently do not have a position in the bonds. We firmly believe

Tomás Mannion13 November 2020ALMAVIVA

AlmaViva - Refinancing looming, but risk of further delay/loss of Railways contract remain

We have updated our model post Q2 results on AlmaViva here.

Odds are that AlmaViva will prolong their full relationship with RFI (Italian Railways) late this year, in which case the bonds should

Tomás Mannion18 August 2020ALMAVIVA

AlmaViva - Refinancing on the way

Refinancing on the way - as guided, strong Company performance with healthy cashflow generation, we are expecting a refinancing in Q4. The bonds call protection

Tomás Mannion7 August 2020ALMAVIVA

Almaviva - Cautious on RFI contract despite recent rally

We remain on the sidelines of AlmaViva as the recent rally to 90% leaves the bonds not attractive enough to compensate for the potential

Tomás Mannion7 July 2020ALMAVIVA

AlmaViva - Showing resilience in the current market.

AlmaViva have released their Q numbers prior to conference call at 3pm. Numbers are broadly in line if a little stronger than our model. Will update post the conference call, but highlights include:

Tomás Mannion27 May 2020ALMAVIVA

Rotating the book - 11 names we like and a lot more we really don't

Below is an account of each of the names we follow and have begun work on in the context of Covid19 and Oil prices. Several names stand out as having become either uninvestible or outright attractive - already now.

Almaviva - updated analysis

We remain long Almaviva for the time being. The name has gained some 10 points since we stepped in, but while we are seeing

Wolfgang Felix22 November 2019ALMAVIVA

Almaviva - position

Please find our analysis on Almaviva here.

We have taken a position in the bonds for 3% of NAV at 77c/E on the 8th of October.

Wolfgang Felix20 October 2019ALMAVIVA