IVS Memo 200420
- 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)
- COVID-19 impact on IVS
- 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?
- View, Variant Perception & Recommendations
- Business Overview
- Industry Overview
- Historic Financial Analysis
- Group Structure & Capitalization
- Trading Update – ER Q419
- Base Case Forecasts
- Bear Case Forecasts
- Bull Case Forecasts
- Liquidity, Capital Markets And Restructuring
- Investment Considerations