Please find our updated analysis on Modulaire here.
The ink isn’t dry on the turnaround plan management presented at year-end, and we are finding more than one negative signal to concern us. In years gone by, a bet on the sponsor providing fresh cash would have been easier to entertain, but even then we didn’t get paid for that.
Read MoreThe weak Q226 report was not entirely unexpected after earlier reportings this year. But we will have to adjust our model downwards, as Leasing and
Read MoreResults were in line with our model, but continuing problems in the UK business, and weakness in France will see the SUNs softer today. Free cash flow
Read MoreOperationally, a good quarter with margins better than we expected, leading to a better-than-expected cash flow turn out. However, the
Read MoreA number of you have enquired about the potential sale of Modulaire’s Australian business. Brookfield will be reluctant to sell the Australian business. They will only proceed if
Read MoreThe downgrade of the SUNs to CCC by Fitch will preclude some ratings-limited investors from owning them. Fitch reflects many of
Read MoreQ4 25 Underlying EBITDA of €133m is about at the market consensus, and we expect cash EBITDA to be above the
Read MoreThings aren’t getting worse at Modulaire, but management acknowledges that the UK and French divisions are unlikely to see much improvement before
Read MoreQ2 results fell below our expectations due to continued weakness in the UK and French construction markets. Although the Q2 results were poor, they
Read MoreA successful refinancing operation, with the new TLB and SSN both being upsized and priced within the initial price talk. The TLB was
Read MoreModulaire's new €1bn TLB pushes bank maturities out to June 2031 from June 2028. The cost of the new TLB is similar at 7% (margin is 25bp higher
Read MoreThe results were below our estimates, but an improving gross margin and stable unit sales will keep the bonds from widening as
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