Wavin today (6th of July) published the terms of its rights offering which can be found on the IR page.

Before taking a look at the rights issue, we show you a dcf model pre-rights issue (excel button).

From 2012 on we estimate a normalization of the revenue CAGR of 5%, or 2.6% less than the autonomous growth of 2007.
We also see margins returning to its 2008 level. The current Q1 trading update shows a revenue decline of 34.6% which is even worse than our full year projection of -22%.

Wavin seems to be more aggressive regarding a rights issue than for example Oce which for example hasn't announced one (is it aiming for another solution?).
This might be a smart choice regarding the relative favorable market circumstances at the moment. On the other side it might implicate the company
doesn't foresee a quick improvement in the dramatic fall in revenues.

We might come back to you with a Wavin post rights issue model.

disclaimer

the author has no position in this stock at the moment of publishing