What?

• This is a one-day deep dive seminar on the European High Yield Construction sector covering Aldesa, OHL and Salini
• We look at the key issues for each company going forward – working capital, FCF and liquidity; refinancing prospects (across bank loan, private debt, public bond and equity markets); construction contract structure (implications for working capital and FCF; cost over-run risk; cancellation and litigation); JV consortium structures and implications for cash trapping and contingent liabilities; macroeconomic sensitivity; change orders; cost over-runs (and impact on cash flow); off balance sheet liabilities (performance guarantees; bonding facilities; reverse factoring / confirming; sale of future receivables / backlog) and triggers; deleveraging prospects; asset sale potential; bond buyback potential; equity value; IFRS 15 and much more!
• Detailed walk through our valuation methodologies, models and sensitivities – implications for refinancing

Take Home

• Plug and play models for Aldesa, OHL and Salini
• Seminar presentation material (print only)

Presenters

• James Moylan, Managing Director, Everest Research
• Rupesh Tailor, CEO & Founder, Everest Research
• Rupesh has been an analyst and investor in the high yield market since 2001. Rupesh’s successful calls in the construction sector include shorts in Astaldi and Abengoa
• James has been an analyst and trader in the high yield market since 2000 and ran Barclays’ Distressed Research & Trading

When and Where

• Thursday 4 July 2019
• London (UK)