If things pan out for Synlait, the wait will be worth it

(Image: Supplied)

Thu, 30 Mar 2023

Investors are clearly impatient with Synlait Milk but is it really that bad? Yes, a two-year recovery is now a three-year recovery, but it’s still a recovery. There are definite signs of discomfort. The stock has fallen 14.6% this week alone – despite the well-signalled dismal result. It last traded at $2.05. The $180 million five-year 2024 bonds, which have a face value of $1.00, are now yielding 9.35% with a coupon of 3.83%. The bond yield means those bonds are changing hand at 91.5 cents on the dollar. It&rsqu...

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