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Analyses on Polyram (4)
- March 16, 2026March 16, 2026
- Follow-up
Polyram 2025: Goodwill, EBITDA Multiples, and the Accounting Cushion
Polyram ended 2025 with no impairment charge, but a meaningful part of its headroom is methodological as much as operational. The test still passes even under a more conservative Bondyram read, just with far less room than the first headline figure suggests.
- Follow-up
Polyram 2025: Growth Without Backlog, and Who Funds the Inventory
Polyram is not currently short of customers. It is short of contractual visibility: capacity and inventory are already in place, but the model still relies more on forecasts, stock, and customer credit than on firm backlog.
- Follow-up
Polyram 2025: Lapo, the Put, and the Real Cost of 51%
Lapo entered Polyram through the balance sheet first, cash, a Put, a Call derivative, and contingent consideration, well before it had time to prove a durable earnings contribution.
Polyram in 2025: The Footprint Expanded, but Margins Still Have to Earn It
Polyram exited 2025 with a broader global platform, but also with a clearer test: turn the investments in Thailand, the US, and Lapo into real improvement in margin, cash flow, and equity quality. The balance sheet has already carried the cost of expansion, while the income stat…
