OHL Memo 250121
- What are recoveries on OHL’s Senior Unsecured Notes (SUNs) under proposed restructuring Alternatives 1 and 2? Base case, base case “plus” and potential recoveries under Alternative 2
- Is the business plan achievable and what does it imply for valuation of the construction business (excluding potential asset disposals / litigation claims)?
- Why do we see upside to potential disposal proceeds from OHL’s equity and sub debt investment in Canalejas vs our previous analysis?
- How do we view execution risk on OHL’s proposed restructuring?
- What did we learn that was new from OHL’s Cleansing Presentation (dated 21/1/21)?
- How do OHL’s business plan projections compare with our previous base case projections?
- How do liquidity, capitalisation and leverage look pro forma for the planned restructuring, rights issue and private placement?
- View, Variant Perception & Recommendations
Restructuring Proposal & Recovery Analysis
Business Plan Analysis, Projections & Updated DCF
Appendices – Other Noteworthy Information From Cleansing Presentation