Please find our updated model here.

Selecta has always been good for disappointment. To be fair, we tried to overlook the warning signs that intensified in Q2, concentrating on that

Selecta yesterday reported dreadful results. The thesis that the Olympics and football would drive revenues as the Germany Worldcup did back in 2006 did not play out in an

Please find our updated analysis of Selecta here.

Two quarters ago, management pronounced the machine culling program over. Last week, however, we were presented with yet a few thousand fewer Private

Please find our updated analysis of Selecta here.

The vendor disappointed us with a low uplift in sales prices in Q124 of what looked like a mere 6%, down from double that in Q423 it seems (the company does not

Wolfgang was a bit grumpy yesterday. Selecta did not live up to our admittedly lofty expectations. The timing of Easter and a further reduction of 5k private

Please find our updated analysis on Selecta here.

Last month we felt very bullish about Selecta and its prospects for the year. We thought we’d model audaciously. A month and one reporting later and we have lifted

"Let It Bloom” was effectively written all over the presentation yesterday. Management currently see no cloud on the horizon and with the heavy lifting

Please find our unchanged analysis here. 

We have been meaning to put this trade on for a while. One of you had the idea and we like it, but we weren’t going to spill the beans before that fund had

Please find our updated analysis of Selecta here.

The company is arbitraging a nearly undiminished backlog of €60m one-offs with the improved economics it achieves from its remaining and its new fleet. At the

Q3 revenues and earnings came in almost on top of our estimates. More interesting is what is going on on the balance sheet, in particular with

Please find our updated analysis here. 

Every once in a while a name begins to make a lot of sense - and we are the last to see it. It’s Selecta’s turn. If following Q1 the vendor was on the edge, today it is one step further - but in the right direction. We are certainly off the fence as we abandon our previous

We have been looking for the stabilisation of the machine fleet around this time as the company cannot only shrink itself into this capital structure. But instead,

Please find our updated analysis on Selecta here.

To grow all the way into its capital structure and put KKR’s equity back into the money, Selecta needs more pass-through, more employees to return to their

Last week’s results did not move the needle for the company. Results were not bad at all - even slightly better than we had anticipated but far from