Please find our updated model here.

AMS Osram reported their Q2 results, marginally better than their guidance at the time of their results in Q1. We had expected AMS Osram to

At the Q4 results in February, AMS Osram guided that they were divesting of non-core semi-conductor businesses which generated c. €300-400m of

We had expected bonds to trade off a little as we anticipated the weaker guidance but clarification on exit costs from the microLED project coupled with

Please find our updated model here. 

All good things must come to an end. AMS Osram has been a good position for us but with the refinancing behind us, it is time to exit. With sufficient cash on

AMS Osram released their Q4 and FY23 numbers today in line with their guidance and our model. More importantly, the guidance for FY24 is consistent with the

AMS Osram completed their rights issue yesterday, with the listing and admission to trading expected tomorrow (Friday 8th). This will trigger th

Post the refinancing, we have taken the opportunity to update our model here. 

With the refinancing behind us, and the rights issue fully underwritten by HSBC/Morgan Stanley/UBS the next trigger is the FY23 numbers, to be reported in early February. The bonds have

Following the successful upsized raising of new High Yield bonds last week, AMS have today launched their 11 for 4 rights issue at CHF1.07 (66% discount to Friday’s closing). The prospectus was

HSBC and UBS have launched the expected €800m equivalent High Yield deal for AMS, with a call this afternoon at 4 pm UK time, with investor

Please find our updated analysis post the Q3 numbers last month here.

We have revisited the name in light of recent issuance in the high yield market. We don’t regret our decision to exit the name on the back of the

And we are off.  With (at least) three High Yield bonds launched this morning, AMS Osram will be watching carefully to see the current risk

We will write a fuller email later in the day, but we don’t regret our decision to exit the name on the back of the euphoria of the refinancing plan in

AMS Osram announced sale and leaseback for c. €450m on its plants, €400m of which relates to its new Kulim 8-inch facility in Malaysia.  None of the