Please find our updated analysis of Iceland post its Q3 numbers here.

This update is a little delayed as we awaited some confirmation on differences between FRS102 and the now new accounting standard IFRS. The answer is

Iceland’s numbers are out this morning and strong as expected.  Sales £20m lower than our model, but Gross Profit and Operating cashflow in line. Gross Profit margin is

We haven’t paid too much attention to Kantar’s market share statistics as Iceland historically moves in a tight range from 2.2% to 2.4% market share.  This month,

Please find our unchanged analysis of Iceland here. 

Iceland has been requested by several clients but we don’t see a change in strategy or trajectory for the Company in the coming

Aldi has increased its long-term target to 1,500 stores, up from an earlier goal of opening 1,200 by 2025.  This is on the back of a surge in demand in

Iceland priced their refinancing bond yesterday with pricing tightening from initial talks. The Sterling tranche was smaller than we had expected at

Iceland are tendering for their outstanding 2025 notes at par plus accrued funded by the proceeds of New Notes, and £25m on cash from

Please find our updated pdf analysis here. We have uploaded our Excel model which we were unable to upload last week.  

In Summary, we have rotated our position from a long in Iceland’s 2025 bonds into the 2028’s taking out 16pts based on our expectation of further

Please find our updated model here.

We will extend our model to FY25 and FY26 in the coming weeks but have shared our updated model plus a change in our positioning. Previous discussions with clients have centred on the ability to refinance the bonds in 2025 as part of a full

At first glance, Iceland have beaten our expectations, mainly due to higher top line.  The Company are presenting their numbers to the market this morning in person, which we will attend so further details may emerge.  We have some queries on Working