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.
Read MoreFollowing 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
Read MoreWe 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
Read MoreLTM 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
Read MoreQ4 saw lower revenue than we had modelled, but at even better margin, which is consistent with management’s strategy. The rea
Read MoreA 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
Read MoreBack in October, the guidance to £60m EBITDA for the year appeared very aggressive to us and we asked management on the subject. However, Matalan
Read MoreThe 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
Read MoreOuch, those sales figures are low. But on the flip side, management have held up margins and markdowns, so that EBITDA is pretty much on
Read MoreYesterday, Matalan announced that Jo Whitfield, the CEO, is leaving the Company. Over the past few months, we have become increasingly
Read More
