European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Equity reset: Sponsor-led restructuring reduced debt, extended maturities to 2031 and transferred control to DVC Partners, materially lowering near-term insolvency risk but leaving execution risk high.</li>
<li>Trading: Resumption (December 19) likely volatile, with forced sellers meeting opportunistic buyers; early price action expected to reflect liquidity and positioning rather than fundamentals.</li>
<li>Valuation framework: At reopening levels, equity reflects distressed stabilisation; upside depends on margin discipline and avoiding further dilution, not on near-term growth.</li>
</ul>


Equity reset: Sponsor-led restructuring reduced debt, extended maturities to 2031 and transferred control to DVC Partners, materially lowering near-term insolvency risk but leaving execution risk high.
Trading: Resumption (December 19) likely volatile, with forced sellers meeting opportunistic buyers; early price action expected to reflect liquidity and positioning rather than fundamentals.
Valuation framework: At reopening levels, equity reflects distressed stabilisation; upside depends on margin discipline and avoiding further dilution, not on near-term growth.


Soltec: Sponsor-Led Recapitalisation, Equity Reset and Trading Resumption

Spain

Soltec is a vertically integrated company in the solar PV sector well distributed globally. It has three business lines: industrial division (solar tracker manufacturer and other construction services), project development division (from greenfield to RTB or COD), and asset management division. It is a unique Industrial IPP, with differential capabilities in the industry.

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Soltec: Sponsor-Led Recapitalisation, Equity Reset and Trading Resumption

Soltec relists after a sponsor-backed recapitalisation. Near-term survival risk reduced, but equity remains a difficult execution story and trading...

Jesus Rodriguez Aguilar