Please find our updated analysis on ION Platform following Q3 results here.

Note: Beta testers can check the update on the portal here.

Our overall impression is more constructive than following Q2. Disclosure has improved materially, with greater clarity on intercompany transfers, stronger engagement from management and the owner, Andrea Pignataro, joining the investor call. Operating performance also continues to improve, with the synergy programme now fully actioned and a growing proportion of savings translating into cash. While the bonds have rallied 5pts since our initial investment in June, we continue to see further upside, supported by year-end deleveraging, the prospect of further debt repurchases and the potential for asset-sale proceeds to reduce leverage. 

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We expected the bonds to trade up on the back of the Q3 results. Growth remains strong, with revenue up 6% YTD and Q3 growth accelerating to

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We view today's FT article as more noise than news. It reinforces the existing short thesis around leverage and structural complexity but

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Please find our updated analysis on ION Platform post-Q2 results here.

Re-listening to the Q2 conference call, our overriding impression was one of disappointment. Following the improved disclosures and more constructive engagement in Q1, management took a clear step backwards in Q2, offering limited insight on

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ION Platform released its Q2 results ahead of its conference call on Tuesday, 14 July. Overall, the update should be supportive for

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Please find our existing analysis on ION Platform here.

As flagged previously, we were waiting for a more compelling entry point before initiating a long position. We have re-listened to the mammoth conference call to reconfirm key points, and, following the recent modest sell-off, we believe now is the right time to take a position.

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Please find our updated model and analysis post ION Platform's Q1 2026 results, here.

The ION Platform remains one of the most frequently discussed names among our clients, particularly in the context of AI and its associated risks. While AI is

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Please find our unchanged analysis here.

During our credit call on ION Platform on Tuesday, one question that stood out concerned the ability to distribute cash from

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Please find our initiation on ION Platform here. 

All of the discussion in the market around ION Platform focuses on AI and its potential impact on the business. AI will undoubtedly influence the

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