Astaldi (AST IM) - Event-Driven Investment Opportunity & Initiation of Coverage - Part 1 of 4

Astaldi SpA (Ast IM) – Thoughts Post the Results & Strategy Update – Part 1

Astaldi (AST IM) - Event-Driven Investment Opportunity – Board Approves Capital Raise

Astaldi (AST IM) - Event-Driven Investment Opportunity – Unofficial Report on Capital Raise

Global Credit Insights

Sebastian Ashton, CFA

SAA Advisors

Event-Driven

Astaldi is a listed international construction company headquartered in Italy specialising in transport infrastructure and other public works that currently trades with an enterprise value of c. €2.3bn and an EV/EBITDA valuation multiple of 6.8x vs. net leverage of 5.5x.Given the company’s strategy of de-risking their backlog of business and adopting a capital-light approach, we remain positive on the long-term prospects for the company if they can successfully deleverage the business through the flagged equity capital raising.We reiterate our view that with a + 20% IRR target possible over less than 1 year we continue to view this as attractive risk/reward for an event-driven credit opportunity.

Astaldi is a listed international construction company headquartered in Italy specialising in transport infrastructure and other public works that currently trades with an enterprise value of c. €2.3bn and an EV/EBITDA valuation multiple of 6.8x vs. net leverage of 5.5x.Given the company’s strategy of de-risking their backlog of business and adopting a capital-light approach, we remain positive on the long-term prospects for the company if they can successfully deleverage the business through the flagged equity capital raising.We reiterate our view that with a + 20% IRR target possible over less than 1 year we continue to view this as attractive risk/reward for an event-driven credit opportunity.

Astaldi SpA

ASTALDI (AST IM) – Update