Taking a look at the Kloeckner cash flow model, our EMEA Core Credit team provides a deep dive analysis on the company’s leverage under their base case mitigated by sufficient liquidity as well as their ability to manage raw material costs relative to previous periods of inflation. The Kloeckner cash flow model shows significant improvements based on their full-year EBITDA. The company’s unsecured notes remain fully covered under all scenarios and their confidence in managing raw material costs, as well as several actions taken since 2018, support our constructive view of the credit.


Click through to read our EMEA Core Credit team’s full analysis of the Kloeckner cash flow model as well as our analysis of the company’s valuation, their capital structure and other considerations: https://reorg.com/cash-flow-model-kloeckner-pentaplasts-high-leverage-under-base-case-mitigated-by-sufficient-liquidity-under-all-scenarios-no-near-term-triggers-ability-to-manage-raw-material-costs-underpins-cons/   

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