While, the market awaits the Independent Business Review from PwC on Standard Profil, which is due before the end of the month, the composition of

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Please find our updated analysis here. 

After two profit warnings this year, the bonds have gone into freefall, quoted at c.40% in the last couple of weeks. The quantity of the profit warnings has

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After Standard Profil’s Q3 results, Moody downgraded the bonds to Caa3 from Caa1, coupled with a negative outlook.  This is primarily driven by the

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Volume, volume and more importantly, the lack of volume.  Standard Profil reported disappointing results yesterday, with revenue down 9% from

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Very disappointing Q3 results from Standard Profil, with revenue down 14%.  Not surprisingly, this had a larger impact on EBITDA, with EBITDA

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This is very much a non-news story, with S&P catching up with the rest of the market and placing Standard Profil’s bonds on

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Following the July profit warning due to weaker OEM production levels and the upcoming RCF and bond maturities, Standard Profil reported that it had

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Other auto suppliers are also starting to feel the pinch due to the continued slowdown of electrification and lower production forecasts

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I've attached our updated analysis here.  

It’s back to a bet on OEM volumes and sponsor support. In the release, there was more Company background about improving market share but with leverage

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Standard Profil has been without a CFO since June when Otto Tomaschek resigned.  The original replacement, Gunter Hiller, could not leave

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Standard Profil management again reiterated their aim of refinancing the RCF (due April 2025) and their HY bond (due May 2026) together, before

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In early July, Standard Profil issued a trading and outlook update, reflecting the recent BEV sales slowdown by some OEM customers, across the market specifically

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Please find our updated model here.

The Company continues to make slow progress on improving its Gross Profit and EBITDA levels, building on order wins recorded over the

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We are reviewing our model on the name post the conference call held yesterday.  Our fundamental view remains the same but see talks of an early refinance as

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An improving Gross Profit margin driven by further efficiencies has led to higher EBITDA.  This was also aided by slightly higher volumes making the

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Headline numbers from Friday’s release are strong, with the Gross Profit margin inflated by a reversal of the IAS 37 impact. Despite this reversal from Q1 23, the Gross Profit margin

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Tesla are stopping production in their Berlin factory from Jan 29th to Feb 11th due to the disruption in the supply chain from the ongoing conflict in the

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We have recently updated our model on Standard Profil, so post Q3 numbers, here is a short update.

Nothing in this set of numbers is going to change the fundamentals for Standard Profil. The business continues to make small progress, and we can

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The Company released its Q3 numbers last night, ahead of its investor call next week.  Headlines will be favourable, with EBITDA up to

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