Added to YB: 2026-08-28
Pitch date: 2026-08-25
AML.L [neutral]
Aston Martin Lagonda Global Holdings plc
-3.71%
current return
Author Info
Alt Capital writes about public equities and credit with a focus on special situations: restructurings, M&A, spinoffs, governance changes, stockholder activism. Primarily small/micro caps. Background in corporate restructuring (~10 years). Based in NYC. Sign up for the newsletter.
Company Info
Aston Martin Lagonda Global Holdings plc engages in the design, development, manufacture, and marketing of sports cars and sports utility vehicles(SUVs) in the United Kingdom, the United States, the Middle East, Africa, rest of Europe, and the Asia Pacific.
Market Cap
GBP 345.2M
Pitch Price
GBP 0.35
Price Target
N/A
Dividend
N/A
EV/EBITDA
11.25
P/E
-0.69
EV/Sales
1.33
Sector
Automobiles
Category
N/A
Quick Take: Sizing Up Aston Martin’s Debt and Equity Following HPS Dropdown Financing
AML.L (pass): The 10% Senior Secured Notes due Mar 2029 look moderately attractive at 57c post-selloff from the 7/22 HPS GBP550m dropdown financing: ~18% cash yield and 37% YTM. Pro forma GBP340m liquidity means no expected new capital need before 2028; no maturities until Mar 2029. A downside FY28 restructuring case yields ~23c recovery plus 15-20c of coupons, or 38-43c all-in versus 57c. Key risk: further value leakage or debt at the new unrestricted subsidiary subordinating the SSNs; a >50% bondholder group is threatening or pursuing legal action. Equity is unattractive at 35p (~GBP350m) given low odds of shareholder cash flow and high dilution risk.
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