We look at the full-year 2023 results and 2024 expectations to see how this should influence our book positioning in the name. The investment environment is changing for CGG, and we build this into our analysis.

After the restructuring, we review the market value of the package against where we assess fair value to be, and how any gap should impact our stance on the bonds. Our model has been updated to refresh our valuation given the new capital structure.

Following the publication of the parameters of the Atos restructuring, we consider the various factors concerning the trade-off between debt forgiveness and fresh equity. We evaluate the projections provided by the Company and compare those to our model as well as to the reported sales proceeds previously indicated, which shapes our expectations. Our assessment of the liquidity needs of the Company differs considerably from that published by ATOS the other day and in light of the above we feel inclined to stick by our analysis.

The sale of its fuel forecourt business and the demand landscape for UK grocers has led us to revisit our Morrisons model. The proceeds will be used to reduce debt so we reflect on how the impact on leverage and cash flow should impact our stance on the capital stack.