Matalan's results were right on target. Despite a tough UK consumer environment, the company is achieving positive LfL sales in
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Tesco’s latest results point to a better margin environment across UK grocery. Productivity, mix and cost savings are increasingly
Read MoreIt's coming now. On the last two calls, if not more, management had been flagging its desire to add more fashion content and
Read MoreWhen we read the Matalan news this morning, initial feelings were of alarm and confusion. The company has been going in the right direction, and
Read MoreNot so reassuring. The bonds should see a little pressure. CEO Henrik Nordvall is leaving only six months after taking office, and
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Please find our updated analysis here.
It's taking longer. The maturity extension has gone as smoothly as was to be expected. Matalan now has more time to recover - time that is needed, considering the slower than expected recovery. But the company is on the right track, and progress is steady. So the bet in the SSNs just improved, and we are not seeing that yet in the bond price.
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Following their maturity extension last month under new CEO Henrik Nordvall, the bonds traded up 3 points, but volumes are thin, so there won’t be much
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We have been shouting about this for a while. We have bought a 5% of NAV position in the Matalan SUNs above the offer price we are
Read MoreASDA outsourcing deliveries of George (its clothing brand) is an indication of how deep the Leighton restructuring plans are
Read MoreIf Matalan can reach that guidance, investors will do well, even if the smaller tranches need extension beforehand. The company has lifted
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LTM EBITDA of £70m is now significantly ahead of our projections of £60m at the start of the year. Once adjusting for the 14th week, Q225 itself
Read MoreWhen announcing Asda’s new drive to become Britain’s largest apparel retailer, it is worth bearing in mind George’s proximity to
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Q4 saw lower revenue than we had modelled, but at even better margin, which is consistent with management’s strategy. The rea
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A group of its main shareholders consisting of Invesco, Tresidor, Man Group and Napier Park is injecting an incremental £25m fungible with the existing
Read MoreAs the company is negotiating the A&E, it is not surprising to see some departures from the board. Matalan is looking for a new CEO following Jo
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Back in October, the guidance to £60m EBITDA for the year appeared very aggressive to us and we asked management on the subject. However, Matalan
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The company issued a very bullish outlook for the rest of the year, driven apparently by very strong trading in Q3 so far. We frankly struggle with the
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