- 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
- Plug and play models for Aldesa, OHL and Salini
- Seminar presentation material (print only)
- 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)
Download Full Agenda
Bookings are no longer available for this event.