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ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Jonathan Angestjärna

A good start towards recovery

A new cost savings programme in Aurdel. Consumers remain under pressure. The bond is attractive for risk-seekers.

ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Jonathan Angestjärna

The bandage was pulled in the quarter

Proactive inventory write-downs in Q1. Demand prospect has improved. We are neutral on the bond.

ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Jonathan Angestjärna

The bond is too expensive given the risks

Covenant breach in Q4. Still overstocked. A wider bond spread is warranted.

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