Transcom - Turnaround Calling? - Positioning

We have updated our model following the Q3 2024 results and have consequently altered our positioning in the name. Our main focus has been on the progress of the turnaround in the situation since the sharp decline in the bonds earlier this year. We have reviewed the key operating metrics to see if there have been any improvements since the previous quarter's results and whether the market's perception of a structural decline due to Al still holds water. We have also examined the staying power of the group by looking at the trends in their liquidity profile. Lastly we have examined if there has been any reaction from the key stakeholders around this situation and how that could impact its refinancing prospects in the future.