Why Read?

• Understand why Atalian is capable of deleveraging, why its business is resilient cyclically and why we expect its cash conversion to be strong going forward
• Understand why priming risk is mitigated given our liquidity projections
• Atalian’s business segments and revenue streams
• Understand the key operating metrics of customer retention and related contract terms
• Understand the impact of changes in labour regulations in France (CICE)
• Understand the rationale behind the Servest acquisition and its year-to-date impact on the consolidated profile
• Understand the Facility Management market and its various business segments
• Understand the sector outlook in the major regions of Europe, APAC and North America
• Understand Atalian’s position in the sector and in key geographies
• Understand the comparable peers set for Atalian, their relative valuation multiples and performance through the cycle

What’s New?

• Assessment of whether management’s strategy to de-lever by end-2021 is achievable
• Applying a region-wise wage inflation likely to be seen in the next 5 years and its impact on EBITDA generation
• Stressing Atalian’s customer retention rates, new business wins and labour cost to assess its resilience
• Valuing Atalian’s equity with base and stress DCF calculations and comparables multiples

Questions Answered

• Can Atalian turn around operations to achieve its stated 8%-8.5% EBITDA margin target?
• How have cleaning and facilities management services companies performed in downturns?
• What is the potential for priming and why do we believe this risk is mitigated?
• How would Atalian’s financials and liquidity look if its planned capital raise fails and in our stress case?
• Which is the right Adj EBITDA definition for Atalian – company reported “recurring” and “reference recurring” EBITDA or an alternative?
• What is the long term impact of the Servest acquisition and has Atalian overpaid for it?
• What is the impact of Brexit-related economic slowdown on Servest UK’s operations?