ASDA - Execution - Model Update

We have updated our modelling on ASDA to reflect the changing competitive environment in the UK grocery market, and we have updated our DCF calculation to look at the EV vs the debt stack to see whether we should change our investment stance. We also looked at the progress of the recovery plan instigated by the company and how that might impact our tactical view of the credit. Our positioning remains unchanged for now.

Aengus McMahon