Eutelsat - Downhill from here - Model Update

Please find our updated analysis on Eutelsat here.

The deterioration in the GEO business is outweighed by the fresh equity, holding EV practically constant in our calculation. However, as

Wolfgang Felix5 December 2025EUTELSAT

Antolin - comment

Both bonds are up this morning by approx. 5 points on the sale of the €110m revenue Indian business for a respectable €159m to

Wolfgang Felix5 December 2025ANTOLIN

SBB - comment

This morning’s tender announcement from SBB is in line with the announcement of the Community Asset sale to PPI. As we said at

Aengus McMahon5 December 2025SBB

Ocado - comment

Kroger has decided not to proceed with the Charlotte CFC, so the payment to Ocado has risen by $100m to $350m. Kroger will continue to

Aengus McMahon5 December 2025OCADO

Biogroup - comment

Our projections were broadly accurate, with revenue €7m higher and EBITDA €4m higher than reported. However, we continue to find

Tomás Mannion5 December 2025BIOGROUP

Köckner Pentaplast - comment

Having filed for their Prepack Ch11 yesterday, Klöckner Pentaplast disclosed the full suite of advisors, including

Wolfgang Felix5 December 2025KLOCKNER, KP

Aroundtown - comment

AroundTown is in the process of extending its maturity profile through a combination of calls, tender offers and the issuance of

Tomás Mannion4 December 2025AROUNDTOWN

Intrum - comment

The latest tender offer, at an average price of 94c/€ was entirely taken up by the €-denominated ‘27s that now have a

Wolfgang Felix4 December 2025INTRUM

Amara - comment

As per last Friday, we said it wouldn’t be long before the company needs fresh cash. Less than a week later, we understand that

Wolfgang Felix4 December 2025AMARA

Rekeep - Déjà Vu - Model Update

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

Tomás Mannion3 December 2025REKEEP

Atalian - comment

As long as Atalian has enough liquidity to get by, we expect management to hold out, but a potential sale to a competitor (even if

Aengus McMahon3 December 2025ATALIAN

Boparan - comment

The appointment of a new head for the Meals and Bakery business may be a sign of changes; we expect this division will eventually be

Aengus McMahon3 December 2025BOPARAN

Thames Water - comment

Very impressive. Price rises bite faster than expected, raising H126 organic revenue (before Tunnel recognition) by 35% YoY, while

Wolfgang Felix3 December 2025THAMES WATER

SBB Norden – Journey continues

Please find our updated analysis here

The recent swap of the Community Assets for a stake in the Norwegian company Public Private Invest will leave SBB with sufficient liquidity to

Aengus McMahon2 December 2025SBB

Pasubio - comment

Pausubio are holding its Q3 conference call at 11 UK time, but initial reaction to numbers are broadly in line with our

Tomás Mannion2 December 2025PASUBIO

Pfleiderer - comment

As per our September presentation, absolutely everything would have had to go to plan for Pfleiderer to escape yet another round of

Wolfgang Felix2 December 2025PFLEIDERER

Selecta - comment

According to the documentation, the 1Os should be paying a mix of PIK and Cash when above €600m. However, the situation on

Wolfgang Felix2 December 2025SELECTA

Transcom - comment

With 86% of the bonds already committed to the amend and extend proposal, it is unsurprising that, following the early

Tomás Mannion2 December 2025TRANSCOM

Ardagh Metal Packaging - comment

The delisting of the AMP warrants will not prevent trading. The warrants, which expire in August 2026, have a strike

Aengus McMahon2 December 2025ARDAGH

Consolidated Energy - comment

The downgrade from Moody’s is a reaction to CONSEN not dealing with the $227m May 2026 SUN maturity yet. The Agency point out that

Aengus McMahon2 December 2025CONSOLIDATED