Why Read?

• Understand our new base, bear and bull case projections (including for liquidity) in the new coronavirus world of lockdowns and significant disruption to both Selecta’s workplace and on-the-go points of sale
• Understand why Selecta, trading at just over 3x Q4 19 LTM EBITDA and on a similar multiple vs FY 21E EBITDA, represents a deep value opportunity outright and compared to Italian competitor, IVS
• Analysis of refinancing vs restructuring / liability management exercise scenarios and associated probabilities
• Recovery rate analysis on Selecta’s Senior Secured Notes (SSNs) across base, bear and bull scenarios
• Business analysis – segments, regions, clients, suppliers, substitutes
• Industry overview – drivers; main private and public competitors; regulation
• Pelican Rouge, Argenta Group and Express Vending acquisition analysis
• Understand EBITDA potential with the expected synergies and one-off costs
• Liquidity analysis and remaining liquidity levers
• Understand the capital structure and the key terms of each instrument
• Detailed DCF and trading comparables valuations

What’s New?

• Coronavirus (COVID-19) impact on Selecta. Updated financial projections including for liquidity across base, bear and bull cases
• Comparison of Selecta vs Italian competitor, IVS

Questions Answered

• What is the potential impact of COVID-19 on the business, both in the short and long term?
• Under what circumstances would liquidity break and which additional liquidity levers remain?
• Will the business be able to deleverage post the coronavirus disruption to the extent needed to refinance?
• What recovery can be expected on the Senior Secured Notes (SSNs)?