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?