BleedingAlpha

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[BleedingAlpha @Bleeding_Alpha]

@anchovycapital Almost half of the EBITDA is clearly fake (related party)

[BleedingAlpha @Bleeding_Alpha]

@anchovycapital Have you had a look at Cerved audited annual reports.....

[BleedingAlpha @Bleeding_Alpha]

@anchovycapital People are shorting here...not sure if we are missing anything on this name

[BleedingAlpha @Bleeding_Alpha]

@junkbondinvest well....you should count them...

[BleedingAlpha @Bleeding_Alpha]

@blueprintsmb22 Curious to know who's gonna suffer the most: Should be net positive for some films manufacturers (I'm thinking of Klockner Pentaplast)

[BleedingAlpha @Bleeding_Alpha]

@anchovycapital @CreditFac They must have recieved interest at ~12x to consider this transaction. Then we are talking about 3.3-3.4bn of proceeds - and the RemainCo EV is their equity

[BleedingAlpha @Bleeding_Alpha]

@anchovycapital @CreditFac What's the endgame here for Bain/Cinven? Let's say you sell MCS for 2.8bn, They'll repay the 1L and be left with 500m SUN and the shittier RemainCo (NCE). I don't see a path to recreate equity value here, unless we are all mistaken on how much MCS is worth

[BleedingAlpha @Bleeding_Alpha]

@anchovycapital RemainCo EBITDA is 52m - Let's say that remainco it's worth 6.5x - this is 340m of EV. On top of that you have to add the proceeds from the Silekol disposal, the promissory Note, the 2nd tranche of SVP converts and the 10% stake into Silekol