Tear Sheet: Speedster Bidco GmbH

We forecast S&P Global Ratings-adjusted leverage of 7.6x and free operating cash flow (FOCF) to debt of just under 5% in 2024, with potential for further improvement to below 6x leverage and 6% FOCF to debt in 2025. That said, we consider that our ratings are somewhat constrained by potential deviations in operating performance from our forecast (a large portion of AS24's revenue is dependent on market and macroeconomic conditions), as well as the risk of re-leveraging transactions such as debt-funded acquisitions or shareholder distributions. Nevertheless, we note AS24 has not completed any debt-funded dividend recapitalizations since private equity Hellman&Friedman took over the business in 2019. . We forecast revenue growth of 6%-8% and improving EBITDA margins toward

...July 18, 2024 Speedster Bidco GmbH's (AS24's) ratings headroom is sound as we anticipate further deleveraging and improving cash flows. We forecast S&P Global Ratings-adjusted leverage of 7.6x and free operating cash flow (FOCF) to debt of just under 5% in 2024, with potential for further improvement to below 6x leverage and 6% FOCF to debt in 2025. That said, we consider that our ratings are somewhat constrained by potential deviations in operating performance from our forecast (a large portion of AS24's revenue is dependent on market and macroeconomic conditions), as well as the risk of re-leveraging transactions such as debt- funded acquisitions or shareholder distributions. Nevertheless, we note AS24 has not completed any debt-funded dividend recapitalizations since private equity Hellman & Friedman took over the business in 2019. We expect strong operating performance and improving credit metrics over the next 12-24 months. We forecast revenue growth of 6%-8% and improving EBITDA margins...

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