Global Ports: Our recovery scenario analysis suggests upside
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With the tourism outlook so foggy, the sustainability of GPH’s cash flows is uncertain; a bond restructuring is likely
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If cruise ports start to pick up by end-21, investors could do well. If they don't, the recovery value may be low
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Based on three scenarios of restructuring outcomes, we see the recovery value at 59-75 and upgrade GLYHO 21s to Buy
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.
This research is produced by a third party. The Tellimer team has had no editorial input into the content of the note.