Please find our updated analysis post the recent Q3 results here.

The Q3 results announcement was overshadowed by the confirmation of the criminal investigation undertaken by the Palermo

Tomás Mannion3 December 2025REKEEP

Rekeep - comment

The Bologna Court has rejected the petition filed by minority shareholders against the management of MSC Società di Partecipazione tra Lavoratori S.p.A., the

Tomás Mannion1 December 2025REKEEP

Rekeep - comment

Rekeep reported its Q3 numbers, although most of the discussion focused on the criminal investigation undertaken by the

Tomás Mannion17 November 2025REKEEP

Rekeep - comment

Rekeep is set to report its Q3 results later today, but investor focus is instead on reports that the Palermo Prosecutor’s Office has requested house arrest for

Tomás Mannion14 November 2025REKEEP

Rekeep - The Italian drivers.

Please find our updated model post Q2 results here

The Q2 figures were mundane at best, and with no sign of the long-awaited asset sale, some investors have exited, causing a slight weakness in

Tomás Mannion4 September 2025REKEEP

Rekeep - comment

Rekeep’s Q2 results demonstrate stable revenue with a slight decline in EBITDA, primarily attributable to the domestic facility management segment and

Tomás Mannion29 August 2025REKEEP

Amara NZero, Emeria, Kem One and Rekeep Idea Pitch Videos Now Available

The new Idea Pitch videos are now available: Amara NZero, Emeria, Kem One and Rekeep.
You can find them on the Sarria website landing page as well as on each individual company’s dedicated page.

Wolfgang Felix10 July 2025AMARA, EMERIA, KEM ONE, REKEEP

Rekeep - Watching renewal rates.

Please find our updated analysis on Rekeep here.

Rekeep successfully refinanced its bonds earlier this year, and with some market dislocation in early April, we took the opportunity to reinvest in the name. Rekeep had to offer

Tomás Mannion12 June 2025REKEEP

Rekeep - Revisiting the name - Positioning

Please find our updated analysis on Rekeep after its FY24 results here.

The recent market dislocation has led to the bonds falling 5pts, yielding 10.6%, and it is worth a revisit. Rekeep is not impacted by tariffs and is low beta to the market. There are no

Tomás Mannion10 April 2025REKEEP

Rekeep - comment

Rekeep posted its Q4 and FY24 numbers on Friday, most of which were released as part of the refinancing in February. Takeaways from the call include

Buy Side, Sell SideTomás Mannion31 March 2025REKEEP

Rekeep - comment - positioning

Rekeep will redeem its existing notes today, February 21st. This exits our successful long position in these bonds, initiated in

Tomás Mannion21 February 2025REKEEP

Rekeep - comment

Rekeep has successfully raised €360m 2029 bonds at 9%, with the use of proceeds to take out the existing 7.25% bonds. We had said that there would be a

Tomás Mannion14 February 2025REKEEP

Rekeep - comment

Rekeep’s investor call for the launch of a new €350m 4.5yr, 9.5% at 97.5% (c.10.3% yield) has only just ended. Proceeds plus cash on the balance sheet shall be

Tomás Mannion11 February 2025REKEEP

Rekeep - Steady numbers, refinancing next year.

Please find our model post the release of Q3 numbers here.

Rekeep’s Q3 numbers are broadly in line with the initial focus on the partial drawing (€15m) of the RCF taking the headlines. Q3 always sees a

Tomás Mannion15 November 2024REKEEP

Rekeep - comment

Rekeep published their Q3 numbers broadly in line with our model. Q3 is always tough regarding cash flow with a large

Tomás Mannion15 November 2024REKEEP

Rekeep - comment

Following the Q2 conference call, management stated they were looking at options to refinance the bonds, including the sale of assets or disposals

Tomás Mannion16 October 2024REKEEP

Sarria: Best ideas in under 5 minutes.

We are excited to introduce a new feature to more readily deliver to you our top ideas at any time. We are not YouTubers, but we are now recording our ideas in short 2-5 minute videos, which you can find on our website right on top of the landing page.

Wolfgang Felix26 September 2024GENERAL, ADLER, REKEEP, CERBA, EMERIA, OCADO, MORRISOS, MORRISONS

Rekeep - Split Growth

Please find our updated model here.

This is a short update but we have made an interesting observation on the growth rates in Italy and Poland derived from the Net Operating Working Capital data provided by the

Tomás Mannion9 September 2024REKEEP

Rekeep - comment

Ignoring tax credits (which were related to the energy crisis in FY22/23) this is the highest LTM EBITDA in the last 10 years. Revenue continues to grow, mainly due to

Tomás Mannion30 August 2024REKEEP

Rekeep - comment

Moody’s changed the outlook to negative for Rekeep’s bonds citing the same issues we have previously written about - the poor cash conversion and upcoming

Tomás Mannion17 July 2024REKEEP