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SARRIA LIVE MODEL

SARRIA ANALYSIS

CORPORATE FILINGS

- for speed listening, go to the settings wheel on the bottom right of the video and choose playback speed -

Description, Capital and Legal Structure - 9 Aug 23

Business Description - 9 Aug 23

Acquisitions - 9 Aug 23

Capex, IT - 9 Aug 23

Model, DCF - 9 Aug 23

Investment Discussion 9 aug 23

SARRIA News - CWT

13 October 2026

Tomás Mannion

AroundTown, ASDA, Morrisons, Punch, Stonegate - comment

13 October 2026

Tomás Mannion

UK retail property yields have compressed materially from the distressed levels reached in 2024, reflecting a recovery in investor appetite for

13 October 2026

Tomás Mannion

8 October 2026

Tomás Mannion

ASDA, Iceland, Morrisons - comment

8 October 2026

Tomás Mannion

Tesco’s latest results point to a better margin environment across UK grocery. Productivity, mix and cost savings are increasingly

8 October 2026

Tomás Mannion

Asda - Reduction in Adjustments - Model Update

5 October 2026

Tomás Mannion

Asda - Reduction in Adjustments - Model Update

5 October 2026

Tomás Mannion

Building on our work on Morrisons, it is natural to look at the Asda capital structure. Having not followed the credit closely for some time, it took us a while to reconcile the current leverage and, more importantly, establish what we consider to be the appropriate EBITDA for the business. In essence, this is the key credit question: how much of the high level of exceptional and separation-related costs incurred over recent quarters will unwind, and how much of that unwind will ultimately translate into recurring EBITDA and cash flow.

5 October 2026

Tomás Mannion