Matalan - Positioning

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

Wolfgang Felix26 January 2026MATALAN

ASDA/Matalan - comment

ASDA outsourcing deliveries of George (its clothing brand) is an indication of how deep the Leighton restructuring plans are

Aengus McMahon22 January 2026ASDA, MATALAN

Matalan - comment

If Matalan can reach that guidance, investors will do well, even if the smaller tranches need extension beforehand. The company has lifted

Wolfgang Felix20 January 2026MATALAN

Matalan - Maturities and Pivot - Model Update

Please find our updated model on Matalan here.

Any name with any risk attached that is rearing its head in this market will trade down. Following their Q2 Call in October, Matalan bonds are

Wolfgang Felix28 November 2025MATALAN

Matalan - comment

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

Wolfgang Felix22 October 2025MATALAN

Matalan - comment

When announcing Asda’s new drive to become Britain’s largest apparel retailer, it is worth bearing in mind George’s proximity to

Wolfgang Felix1 July 2025MATALAN

Matalan - comment

Q4 saw lower revenue than we had modelled, but at even better margin, which is consistent with management’s strategy. The rea

Wolfgang Felix18 June 2025MATALAN

Matalan - The bet

Please find our substantially updated analysis of Matalan here.

The bet with Matalan is mean reversion. If it happens within three years, then the bonds return 23%. But we write “happens”, because it requires the

Buy SideWolfgang Felix28 April 2025MATALAN

Matalan - comment

A group of its main shareholders consisting of Invesco, Tresidor, Man Group and Napier Park is injecting an incremental £25m fungible with the existing

Sell SideWolfgang Felix11 April 2025MATALAN

Matalan - comment

As 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

Wolfgang Felix28 January 2025MATALAN

Matalan - comment

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

Wolfgang Felix22 January 2025MATALAN

Matalan - Will they make it? - Positioning

Please find our updated model here.

Operating momentum has returned to Matalan with a strong performance in September (back-to-school) and October. Despite H1 weakness of £20m in

Glenn Zahn15 November 2024MATALAN

Matalan - comment

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

Wolfgang Felix18 October 2024MATALAN

Matalan - comment

Ouch, those sales figures are low. But on the flip side, management have held up margins and markdowns, so that EBITDA is pretty much on

Wolfgang Felix17 October 2024MATALAN

Matalan - comment

Yesterday, Matalan announced that Jo Whitfield, the CEO, is leaving the Company. Over the past few months, we have become increasingly

Wolfgang Felix8 October 2024MATALAN

Matalan - That was it - Positioning

Please find our updated analysis of Matalan here.

As flagged following last week’s call we have been disappointed by the results and are concerned about the business over the coming year. There have been warning signs

Wolfgang Felix2 July 2024MATALAN

Matalan - Not the usual pattern

Please find our unchanged analysis of Matalan here.

Matalan follows up its disappointing Q4 with a more disappointing Q1, where the cost position was even a little better than forecast, but revenues again fell short of our forecast,

Wolfgang Felix25 June 2024MATALAN