Attracting a CEO from Bentley is a coup for Aston Martin (AML) and underlines the transition from a turnaround story. We saw Amedeo Felisa as an
Read MoreThe coupon for AML’s refinance will irritate Lawrence Stroll, but getting the deal away successfully allows management to focus on
Read MoreWith coupon guided at 10%+ on the $, the fall in cash interest from the refinancing will be modest. The company is expecting to be free cash flow
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Despite a strong 2022 comp, AML beat our Q4 expectations for Revenue and Adjusted EBITDA. The weaker-than-expected operational cash flow resulted from a
Read MoreWe have been expecting Aston Martin (AML) to refinance its debt stack in 2024, and the company is moving towards that. We do not expect
Read MoreThat Aston Martin is starting to look for a new CEO is no surprise. When Amedeo Felisa stepped up from Non-Exec to CEO, we said he was not a
Read MoreThe shelving of the Vanquish will not impact the rollout of the new DBS and Vantage models. Just like the decision to buy an electric powertrain rather than
Read MoreThe increase in Saudi PIFs overall stake in Aston Martin (AML) is mainly cosmetic from a creditor’s perspective. However, the confidence shown in
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Please find our slightly updated analysis here.
Aston Martin (AML) cut its 2023 volume target after production issues arose in the new DB12. Volume guidance for 2023 is now close to our original
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Revenue and volumes were light relative to our expectations, and AML has reduced its volume target for 2023. AML experienced problems ramping up
Read MoreGiven we expect Geely will eventually buy Aston Martin, the increase in the Yew Tree stake was likely already discussed. It may have been an error
Read MoreThe additional 3.27% purchased by the Yew Tree Consortium makes no direct difference to Aston Martin but indicates that the existing
Read MoreThe tie-up with Lucid can now be completed after the issue of shares was approved at yesterday’s General Meeting. Failure to approve was never
Read MoreGiven that success in China is important for AML, the new appointments to Aston Martin’s executive team in China add valuable experience. The DBX is a
Read MoreThe article suggests a significant number of Q1 sales were instead booked in Q4, resulting in a weaker-than-necessary Q1. Our analysis points to
Read MoreThe second liens will be redeemed from the proceeds of yesterday's equity raise. We will have a more detailed email later today on the impact on the SSNs
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Please find our updated Aston Martin Analysis here.
Aston Martin (AML) has achieved a couple of milestones that addressed our concerns for the company. 1) opting for a technology partnership over the risks and costs of developing a new electric powertrain; 2) the launch and positive reception for the first of six
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Revenue ahead of our expectations on better-than-modelled sales in the GT/Sport category. Adjusted EBITDA margins were up YoY, although at 13% it has a long way to go to meet the 2025 target of 25% let alone the 2027/28 target of 30%. Working capital
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