A 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
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Things aren’t getting worse at Modulaire, but management acknowledges that the UK and French divisions are unlikely to see much improvement before
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Q2 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
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The 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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