Please find our updated Rekeep analysis here.

Note: Beta testers can check Rekeep on the Beta portal here.

Rekeep’s 1H26 results highlighted continued pressure on EBITDA, with higher labour and third-party costs weighing on margins despite stable revenue and strong contract wins. While leverage has increased to 6.2x, the bonds have fallen to 76c, bringing the potential asset disposal into sharper focus. Our analysis suggests the energy business could be sold for c.€275m, with proceeds used to repay debt and potentially redeem the 2029 SSNs at 103c. We therefore see the asset sale as the key near-term catalyst, while the resilient backlog and absence of near-term maturities provide support to the credit.

Q2 results should see the bonds trade off further, although recent comments around potential asset sales are likely to mute any

Investors’ concerns around Rekeep’s working-capital movement should ease following the Q1 call and, with results slightly ahead of our

Rekeep S.p.A. reported Q4 and FY25 results on Friday, prompting a further 3–4 point sell-off in the bonds. Revenue came in line with our expectations, and improved

The new Idea Pitch videos are now available.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.

Please find our updated analysis post the recent Q3 results here. 

The Q3 results announcement was overshadowed by the confirmation of the criminal investigation undertaken by the Palermo

Rekeep reported its Q3 numbers, although most of the discussion focused on the criminal investigation undertaken by the

Please find our updated model post Q2 results here

The Q2 figures were mundane at best, and with no sign of the long-awaited asset sale, some investors have exited, causing a slight weakness in

Rekeep’s Q2 results demonstrate stable revenue with a slight decline in EBITDA, primarily attributable to the domestic facility management segment and

The new Idea Pitch videos are now available: Amara NZero, Emeria, Kem One and Rekeep.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.

Please find our updated analysis on Rekeep here.

Rekeep successfully refinanced its bonds earlier this year, and with some market dislocation in early April, we took the opportunity to reinvest in the name. Rekeep had to offer

Please find our updated analysis on Rekeep after its FY24 results here.

The recent market dislocation has led to the bonds falling 5pts, yielding 10.6%, and it is worth a revisit. Rekeep is not impacted by tariffs and is low beta to the market. There are no

Rekeep will redeem its existing notes today, February 21st. This exits our successful long position in these bonds, initiated in

Please find our model post the release of Q3 numbers here.

Rekeep’s Q3 numbers are broadly in line with the initial focus on the partial drawing (€15m) of the RCF taking the headlines. Q3 always sees a

Rekeep published their Q3 numbers broadly in line with our model.  Q3 is always tough regarding cash flow with a large

We are excited to introduce a new feature to more readily deliver to you our top ideas at any time. We are not YouTubers, but we are now recording our ideas in short 2-5 minute videos, which you can find on our website right on top of the landing page. 

Please find our updated model here.

This is a short update but we have made an interesting observation on the growth rates in Italy and Poland derived from the Net Operating Working Capital data provided by the

Ignoring tax credits (which were related to the energy crisis in FY22/23) this is the highest LTM EBITDA in the last 10 years.  Revenue continues to grow, mainly due to

The Company continues to manage its liquidity and significant working capital as it aims to deleverage before a refinancing.  Management again mentioned the potential for asset sale to aid debt reduction.  Rekeep has rearranged

Please find our updated analysis here.

Rekeep continues to bobble along, but as time ticks closer to the maturity of their bond in February 2025, the lack of cash deleveraging will hamper its