Martela - Partner in the development of work and learning environments

Here is the company report on Martela from Thomas following the Q1 release :slight_smile:

With the profit warning and preliminary data issued in April, Martela’s Q1 figures were already largely known. However, the order flow for the quarter and comments regarding Q2 were more cautious than we expected, leading us to slightly lower our forecasts.

Quote from the report:

The balance sheet position is extremely tight

Martela’s balance sheet position remains very strained. At the end of Q1, equity was negative, and net debt stood at EUR 17.6 million, which is a very high level relative to the company’s earnings capacity. Consequently, net debt relative to the rolling 12-month EBITDA was at a high level of 3x. The need for a rapid turnaround is critical due to the weak liquidity situation.