A successful refinancing operation, with the new TLB and SSN both being upsized and priced within the initial price talk. The TLB was

Modulaire's new €1bn TLB pushes bank maturities out to June 2031 from June 2028. The cost of the new TLB is similar at 7% (margin is 25bp higher

Please find our unchanged analysis here.

After months of speculation and a review the fate of the Modulaire Group has now been decided with TDR selling it to Brookfield for US$5bn. This represents

Please refer to our unchanged analysis here.

While VAPS continue to drive strong LfL growth and the IPO remains in discussion, we are now urgently looking to

With a potential exit or refinancing event increasingly likely in the near term, we retain

Please refer to our unchanged analysis here.

The company’s confirmation it is exploring a potential IPO confirms our underlying thesis that following the

Please refer to our updated analysis here.

We have upgraded our model to reflect a better bottom-up granularity of revenues and improved working capital estimates. We have also

Please refer to our unchanged analysis here.

Modulaire’s results were significantly better than our projections. Q3 20 revenues came at EUR335m (+6.5% yoy before M&A impact), above our EUR287m estimate. The outperformance is both

Despite Algeco’s positive growth momentum, we remain concerned about the unresolved issue of debt sustainability. Algeco’s