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UPCOMING EVENTS
Maxeda 25Q4 Results Call.m4a
 
 
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 - after one minute video becomes high-resolution.

Intro, Capital and Legal Structure - 16 Apr 24

Business and Industry - 15 Apr 24

Financial Performance -16 Apr 24

Investment Discussion - 16 Apr 24

SARRIA News - MAXEDA
Maxeda - 130 - Model Update - Positioning
Wolfgang Felix
Maxeda - 130 - Model Update - Positioning
Wolfgang Felix

Please find our updated analysis here.

This DIY chain has been around, and it hasn't grown as long as we followed it. If anything, it has been slowly bleeding stores to franchisees and

Wolfgang Felix
Maxeda - comments
Wolfgang Felix
Maxeda - comments
Wolfgang Felix

Bonds won’t be moving much, considering the information cleansing inherent in the report today (we have the presentation, but

Wolfgang Felix
Maxeda - comment - Positioning
Wolfgang Felix
Maxeda - comment - Positioning
Wolfgang Felix

We are hitting first offers this morning at 80c/€, five points above the best offer we are seeing - there will be a little squeeze today. Even so,

Wolfgang Felix
Maxeda - comment
Wolfgang Felix
Maxeda - comment
Wolfgang Felix

The tougher weather comps are here, and as indicated, LfL sales have gone into reverse, except a little more than we thought. Even though

Wolfgang Felix
Maxeda Idea Pitch Video Now Available
Wolfgang Felix
Maxeda Idea Pitch Video Now Available
Wolfgang Felix

Maxeda Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Maxeda page.

Wolfgang Felix
Maxeda - The Times They Are A-changin' - Model Update - Positioning
Wolfgang Felix
Maxeda - The Times They Are A-changin' - Model Update - Positioning
Wolfgang Felix

Please find our updated analysis here.

The European market feels very soft, and we are not sure a new French PM is immediately going to fix this. It’s raining bonds from the 90s down to

Wolfgang Felix
Maxeda - comment
Wolfgang Felix
Maxeda - comment
Wolfgang Felix

Maxeda management are clutching their purse ahead of the A&E showing a frugal performance in Q2. Revenues (only the big boxes are

Wolfgang Felix
Maxeda - Ahead of the A&E
Wolfgang Felix
Maxeda - Ahead of the A&E
Wolfgang Felix

Please find our updated analysis of Maxeda here.

We had expected to see the A&E already agreed by now, but it’s taking longer and for all the right reasons. All stakeholders would likely agree that investment in

Wolfgang Felix
Maxeda - comment
Wolfgang Felix
Maxeda - comment
Wolfgang Felix

Now is the time. Around 90c/€, the bonds are almost begging for an A&E that looked impossible only six months ago. The weather has

Wolfgang Felix
Wolfgang Felix
Maxeda - comment
Wolfgang Felix

Maxeda requires a strong tailwind to assist in a likely amend and extend of its upcoming maturities. Hornbach’s Q1 numbers show

Wolfgang Felix
Maxeda - Do you sell sunglasses?
Wolfgang Felix
Maxeda - Do you sell sunglasses?
Wolfgang Felix

Please find our updated analysis of Maxeda here.

Surviving line from our previous analysis: "Until recently a restructuring looked inevitable, whereas with the savings from energy (and a little bit more luck), a

Wolfgang Felix
Maxeda - comment
Wolfgang Felix
Maxeda - comment
Wolfgang Felix

We note that the indicated Q125 outperformance is only on weather related products and does not indicate a change in trend. Regardless, bonds

Wolfgang Felix
Maxeda - Of Fundamentals, Valuations, Recaps, A&E/LMEs and Dividends
Wolfgang Felix
Maxeda - Of Fundamentals, Valuations, Recaps, A&E/LMEs and Dividends
Wolfgang Felix

Please find our updated analysis of Maxeda here.

We’ve been long the name last year, while looking for a margin improvement that only came once we had given up. By itself, that improvement is not going to

Wolfgang Felix
Maxeda - comment
Wolfgang Felix
Maxeda - comment
Wolfgang Felix

Maxeda revenues came in line, but the company beat our EBITDA projections on more aggressive in-store staff cuts to post €15m of EBITDA vs. our

Wolfgang Felix
Wolfgang Felix
Maxeda - comment
Wolfgang Felix

Kingfisher’s reported Q3 French LfL sales down 4.3%, led down by Castorama. Consequently, Maxeda’s bonds dropped into the low 70s, but in our opinion, that

Wolfgang Felix
Maxeda - The Other Angle - Positioning
Glenn Zahn
Maxeda - The Other Angle - Positioning
Glenn Zahn

Please find our updated analysis on Maxeda here.

We are becoming increasingly concerned about Maxeda due to the continued decline of non-weather sales especially in the Belgian Big Box stores as

Glenn Zahn
Maxeda - comment
Wolfgang Felix
Maxeda - comment
Wolfgang Felix

Results this morning were largely in line with projections, except that sales volumes were apparently lower on higher-priced product. The company needs to

Wolfgang Felix