Cobas Asset Management Comments on Aryzta

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Aug 03, 2018

With Aryzta (XSWX:ARYN), we now have a company with an elevated debt level (1.8 billion euros, excluding the value of its subsidiary Picard) and an EBITDA that has shrunk from 600 million euros to 300 million euros expected, with the share price falling by over 84% from the maximum levels hit midway through 2014, nearly 90 Swiss francs per share, to bottom out this year under 15 Swiss francs per share. Similar to Smurfit Kappa, this stable and cash-generating business will gradually reduce its debt despite a financial situation that is hardly simple.

From Francisco Garcia Parames' second quarter 2018 shareholder letter.

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