Biogroup - comment

BioGroup is holding a Capital Markets Day in Paris today and in London tomorrow. We do not expect to make any material changes to our model

Tomás Mannion19 January 2026BIOGROUP

AMS Osram - comment

AMS Osram announced the tender of its convertible bonds, with approximately €200m tendered at 96%. While the tendered amount was

Tomás Mannion19 January 2026AMS, OSRAM

ASDA - comment

After the negative impact of the IT updates to logistics, ASDA needs to make sure that the changes to its distribution management teams do

Aengus McMahon19 January 2026ASDA

Consolidated Energy - comment

The settlement of the litigation between the T&T government and Proman is more complex than expected; however, the overall impact on

Aengus McMahon19 January 2026CONSOLIDATED

Synthomer - Chemical Reaction - Initiation - Positioning

Please find our new analysis here.

Synthomer continues to struggle to stabilise margins, let alone grow them. Its divisions are focused on Styrene and Butadiene, but create unrelated

Aengus McMahon16 January 2026SYNTHOMER

Synthomer - coming soon

Martha Felix16 January 2026SYNTHOMER

Heimstaden - Safe as Houses - Model Update

Please find our updated analysis on Heimstaden Bostad and Heimstaden AB here.

We have revisited the Heimstaden group structure in anticipation of Heimstaden Bostad receiving an upgrade, potentially allowing dividends

Tomás Mannion16 January 2026HEIMSTADEN

Stonegate - comment

The strong LfL growth we had already seen from players such as Mitchell and Butlers the other day was also reflected at Stonegate. However, it was

Wolfgang Felix16 January 2026STONEGATE

Consolidated Energy

The settlement of the Proman/Clico litigation is a potentially significant positive for CONSEN. The repayment of the USD250m loan to

Aengus McMahon16 January 2026CONSOLIDATED

CPI Property Group - comment

The buy-back reduces the external shareholders’ base, but this was small anyway. Credit investors were already looking to the

Aengus McMahon15 January 2026CPI

Consolidated Energy - comment

The decision to idle melamine production in Trinidad and Tobago is a surprise. However, melamine production represents around

Aengus McMahon15 January 2026CONSOLIDATED

ASDA - comment

ASDA’s poor Christmas performance was trailed by Management at the Q3 results. The introduction of the new IT system caused

Aengus McMahon15 January 2026ASDA

INEOS Quattro Client Call and Presentation are now available on the website

INEOS Quattro Client Call is now available on Ineos Quattro’s page.

Martha Felix15 January 2026INEOS

Stonegate, Punch - comment

Mitchells & Butlers' trading update bodes well for Punch and, in particular, Stonegate, which is expected to release its report tomorrow. The

Wolfgang Felix15 January 2026STONEGATE, PUNCH, PUBS

Emeria - comment

We are glad to have sold last week as the company disclosed the hire of CFO Laurent Carozzi, a change not previously announced to

Wolfgang Felix15 January 2026EMERIA

Flora - comment

The bonds have rallied since we established our position; however, we are maintaining the exposure as the underlying investment thesis

Tomás Mannion15 January 2026FLORA

Intrum Idea Pitch Video Now Available

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

Martha Felix13 January 2026INTRUM

Birkenstock - comment

The small miss on revenue growth (11.1% vs guidance of 13% - 15%) is a negative, without being terrible. Constant currency growth

Aengus McMahon13 January 2026BIRKENSTOCK

AMS Osram - comment

Our key takeaway from AMS Osram’s statement is the reaffirmation of its asset disposal strategy and, notably, the absence of any

Tomás Mannion13 January 2026AMS, OSRAM

Intrum - Positioning

We are shorting the 2027 Euro bonds at 96.75, going into the strategic review that the company is to unveil at the end of the month. Looking across to

Wolfgang Felix12 January 2026INTRUM