Sectors > Top Reports > Selecta Memo 260220

Selecta Memo 260220

Selecta. Strong Momentum. Refinancing And / Or IPO In Sight. Analysis Of The Path Ahead
PUBLISHED: 26 February 2020
PAGES: 228
PRODUCT CODE: SELNSW0001
SUBMARKET: Selecta, Top Reports, Top Reports,

£2,670.00

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


  1. View, Variant Perception & Recommendations

  2. Business Overview

  3. Industry Overview

  4. Regulation

  5. M&A

  6. Historic Financial Analysis

  7. Group Structure & Capitalization

  8. Trading Update – ER Q319

  9. Base Case Forecasts

  10. Bear Case Forecasts

  11. Liquidity, Capital Markets & Restructuring

  12. Investment Considerations

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