Aston Martin Lagonda PLC (AML.L): Raising more debt?

Research evidence excerpt

Aston Martin Lagonda PLC (AML.L): Raising more debt?

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22 Jul 2026 08:37:55 ET │ 12 pages

Aston Martin Lagonda PLC (AML.L)

Raising more debt?

CITI'S TAKE

Neutral / High Risk Bloomberg last week (here, 17 July) reported that AML was in talks to raise

additional finances with HPS Investment Partners, a private equity fund Price (21 Jul 26 16:30) £0.35

owned by Blackrock, and that the new funding could be secured on AML Target price £0.55

assets, which would then be out of reach of existing creditors. AML USD Expected share price return 57.1%

bonds due 2029 have traded down to ~60-65 cents, down from above 80 Expected dividend yield 0.0%

cents prior. A Bloomberg report (here, 21 July) further suggests existing Expected total return 57.1%

creditors have written to AML to try to stop the deal. AML commented

Market Cap £355M that the Board "regularly considers the Company's capital structure and

US$475M strategic options". Our Neutral rating on AML is based on our continued

concern that AML will struggle to generate sustained positive FCF and pay

down debt, notwithstanding the improvement in operating results in Q1

26 and FY26E. AML has reported negative FCF since its IPO, and we Harald C HendrikseAC

forecast this to continue through FY28E. +44-2075-0858-10

harald.hendrikse@citi.com

Raising new debt? - Bloomberg last week reported that AML was in talks to raise Ross MacDonald

additional finances with HPS Investment Partners, a private equity fund owned by +44-20-7986-7547

Blackrock. The report said that the new funding would be secured on physical AML ross.macdonald@citi.com

assets, which would then be out of reach of existing AML creditors. Existing AML

Soumava Banerjeebonds due 2029 have traded down to ~60-65 cents, down from above 80 cents

+44-20-7986-4126

prior.