ProGest - comment

After a successful exit in August 2021 we never again took up coverage of the name. Wedged between two commodity markets, the Italian test liner and

Wolfgang Felix21 June 2024PROGEST

Pro Gest - comment

Last time we checked, the bonds had largely traded and had become illiquid. The name, therefore, has been on the shelf for a while now, but we are

Wolfgang Felix18 April 2023PROGEST

Pro-Gest - Paper available

Please refer to our long-ago shelved analysis here.

We understand there is “paper" available in the Pro-Gest SUNs, following the company’s recent halt of its paper mills. Having been long the bonds since

Wolfgang Felix8 April 2022PROGEST

ProGest - comment

The Dec. 2024 bonds are down massively since the company announced it would halt production. Since the various sr. sec. facilities have been largely

Wolfgang Felix10 March 2022PROGEST

ProGest - comment

We are no longer covering ProGest, but the company has interesting headlines for all of Europe today. The North Italian paper manufacturer has halted production across

Wolfgang Felix8 March 2022PROGEST

Making space for more new names

Clearly, H121 has been phenomenal and we are sitting on unlevered 23% net return for the first six months. So naturally, we should throw out a few names where the opportunity now lies behind us and that we no longer consider worth covering - unless you do, that is.

New Names:

Wolfgang Felix5 August 2021GENERAL, PROGEST, PIZZA EXPRESS, ADIENT, EUROPCAR, TEVA, GREENSILL

Pro-Gest - Tons of margin

Please find our unchanged analysis of Pro-Gest here.

Among the widening commodity margins and increased Mantova production, there is little to be critical about, except perhaps the

Wolfgang Felix7 June 2021PROGEST

Pro-Gest - What a difference a plant makes - Positioning

Please refer to our unchanged analysis here.

Pro-Gest was one of our favourite trades last year as it was one of the rare fundamental stories unrelated to the pandemic. Now thaT

Wolfgang Felix7 May 2021PROGEST

Pro-Gest - We'll miss you

Please refer to our unchanged analysis here.

As good as it was, we are nearing the end of our investment thesis. Pro-Gest has been one of the rare fundamental trades this year that was not primarily related to Covid-19. With the

Wolfgang Felix11 December 2020PROGEST

Pro-Gest - 2020's most sensible refi

Please refer to our unchanged analysis here.

The first leg of the refinancing is coming.

As we previously wrote, Credit Suisse had been looking to find investors for

Wolfgang Felix7 December 2020PROGEST

Pro-Gest: Moving the Parts

Please find our updated analysis here.

While we have news that the Italian container board and corrugated markets are stable, they are so on a lower level than a year ago. We therefore see

Wolfgang Felix1 December 2020PROGEST

Pro-Gest - Staying on target.

Please refer to our unchanged analysis here.

Its good news, even if since our mail on the firing-up of the power plant 3 weeks ago, the start-up of the production line was largely a foregone conclusion.

Expenses: We estimate that

Wolfgang Felix25 November 2020PROGEST

Pro-Gest - Power plant starting up

Please refer to our unchanged analysis here.

Pro-Gest have started up the power plant of the Mantova mill, the latest sign that production is ultimately due to begin. The plant will likely take

Wolfgang Felix6 November 2020PROGEST

Pro-Gest - E35m EBITDA unsealed

Please find our updated analysis of Pro-Gest here.

Montova:

Police last Friday removed the last seals from the purifier and north facade - following the lifting of

Wolfgang Felix2 October 2020PROGEST

Pro-Gest - Cash vs. Momentum

Further to our mail on Friday, please find our updated analysis on Pro-Gest here.

Having modelled the vertically integrated operations by stage, we have gained a feeling for the

Wolfgang Felix8 June 2020PROGEST

Pro-Gest - taking position

Having modelled the operation in apparently more detail than management believe they have disclosed, we have been increasingly constructive

Wolfgang Felix5 June 2020PROGEST

Pro-Gest - It's not in the numbers

Pro-Gest figures were well guided for only a few weeks ago and we are still lacking the presentation, which generally holds some vital data for us.

YoY P&L figures may look

Wolfgang Felix29 May 2020PROGEST

Pro-Gest - time to take another look

Pro-Gest had a super strong call.

Conclusion: We expect Pro Gest to hold on to most of their

Wolfgang Felix10 May 2020PROGEST

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.

Pro-Gest - Ever more binary

Pro-Gest are reporting the successful completion of today’s last two bondholder meetings wrt. to waivers we have previously described here.

Thus far therefore the company have

Wolfgang Felix26 February 2020PROGEST