Why Read?

• Understand the business and its key value drivers (e.g. exposure to certain macro factors, in particular, working hours at the office)
• Industry overview, drivers and main private and public competitors
• Understand the Pelican Rouge and Argenta Group acquisitions in 2017-18: synergies expectations and integration developments
• Everest thinking on IPO / refinancing / CDS orphaning
• Update on the macro picture and tax legislation (plastic and sugar taxes) affecting the sector
• Understand the main historic corporate events with a focus on the 2018 refinancing and 2019 add-on and background on historic industry debt restructuring / distress
• Understand the capital structure and the key terms of each instrument
• Historic financial analysis back to 2013
• Base and bear case forecasts (including of liquidity in a deep and sustained economic downturn)
• Detailed DCF and trading comparables valuations
• Waterfall and recovery analysis
• Return analysis considerations on a possible investment in the Senior Secured Notes