Updated Teva \: Going outright long at current levels

All,

Please find our updated Teva model here. 

Following price movements over the last month, we are unwinding our Teva short position, remaining long the Euro 27s as we continue to expect a global settlement to occur in H1 2020.  We had expected a settlement prior to the commencement of the NY trial in mid March but with the delay of this trial due to Covid-19 the time pressure for a global settlement has been removed.  

In the absence of a fine, our conservative model projects deleveraging from Free Cashflow and the proposed settlement announced in late 2019 the Company would still deleverage.  

Any questions please do not hesitate to call

Tomas