Alphavalue: The company has suspended its IPO for the fourth time, for the second time this year, two days before it was due to go ahead. In the statement to the National Securities Market Commission (CNMV), they informed that they were cancelling the operation due to the geopolitical situation, which is causing instability in the markets. However, according to the Financial Times, the fact that an IPO has been halted is because ‘the bookfield process did not go well, as some investors felt that the price they were seeking was too high’. Nevertheless, the IPO prospectus provided key information, such as that 1) Ebitda margins, clearly above Aryzra’s Ebitda margin target (below 14.5%), are achievable in Europe; 2) that the partial baked bread category has at least normal growth within the food & beverage sector; and 3) the importance of capex as a driver of organic growth and potential ROIC impacts.