Sectors > Top Reports > IVS Memo 200420

IVS Memo 200420

IVS. Flexible Costs & Strong Liquidity Make FY 20 Headwinds Manageable. Opportunistic Acquisitions To Drive Growth. M&A Provides A Put Option. Buy Equity At €6.0 & SUNs At €85
PUBLISHED: 20 April 2020
PAGES: 262
PRODUCT CODE: IVSIM001
SUBMARKET: IVS, Top Reports, Top Reports,

£2,670.00

Why Read?

  • Business analysis – segments, regions, clients, suppliers, substitutes, etc.
  • Industry overview and comparable analysis versus, in particular, Selecta
  • Industry regulation and key macro drivers
  • Understand EBITDA and FCF potential
  • Understand our base, bull and bear case projections under COVID-19
  • Liquidity and deleveraging potential
  • Valuation – DCF
  • Analysis of the capital structure and legal documentation of each debt instrument and bond pricing
  • Waterfall analysis and expected recovery rates on IVS’ Senior Unsecured Notes (SUNs)

What’s New?

  • COVID-19 impact on IVS

Questions Answered

  • What are the likely impacts of COVID-19 on the business and its financial performance?
  • Under what circumstances would liquidity break?
  • Will the business be able to deleverage post the COVID-19 shock to the extent needed to refinance?
  • What recovery can be expected on the SUNs?

 


  1. View, Variant Perception & Recommendations

  2. Business Overview

  3. Industry Overview

  4. Regulation

  5. Macro

  6. M&A

  7. Historic Financial Analysis

  8. Group Structure & Capitalization

  9. Trading Update – ER Q419

  10. Coronavirus

  11. Base Case Forecasts

  12. Bear Case Forecasts

  13. Bull Case Forecasts

  14. Liquidity, Capital Markets And Restructuring

  15. Investment Considerations

    Appendix

IVS


Selecta


Daltys


Lavazza 


 


 

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