Transcom - comment

With 86% of the bonds already committed to the amend and extend proposal, it is unsurprising that, following the early

Tomás Mannion2 December 2025TRANSCOM

Transcom - comment

Altor has provided a larger equity injection than we anticipated, with the €50m contribution funding the 15% cash element under the

Tomás Mannion18 November 2025TRANSCOM

Transcom - Proposal

Please find our existing analysis on Transcom here.

Transcom has announced a consent solicitation and exchange offer for all of its Senior Secured Notes. In summary, the Company is proposing a

Tomás Mannion17 November 2025TRANSCOM

Transcom - Pending Maturity - Model Update

Please find our updated model and analysis post Q3 numbers here.

Q3 results were marginally better than expected, supported by effective cost control that contributed to higher margins. Revenues were

Tomás Mannion30 October 2025TRANSCOM

Transcom - comment

Although revenue came in slightly below expectations, Transcom delivered a modest outperformance at the EBITDA level, driven primarily by

Tomás Mannion28 October 2025TRANSCOM

Transcom - comment

Cecilia Bergendahl was appointed interim Chief Financial Officer in August 2025. Yesterday, Transcom announced that she will

Tomás Mannion16 October 2025TRANSCOM

Transcom - comment

We are hearing that the largest bondholder is in discussions with Transcom regarding an Amend and Extend to address its

Tomás Mannion24 September 2025TRANSCOM

Transcom - Altor on hold - Positioning

Please find our updated analysis on Transcom here, following the Q2 results.

The poor Q2 results have resulted in our exiting the name. Although we hadn’t expected a traditional full refinancing, we were expecting an uptick in performance from

Tomás Mannion28 August 2025TRANSCOM

Transcom - comment

Revenue from e-commerce and tech were disappointing as the company reported Consolidated net revenues some €10m below our forecast, impacted by

Tomás Mannion22 August 2025TRANSCOM

Transcom - Calling Altor

Please find our updated analysis post Q1 results, here.

We have focused our attention on the options available to the Company, the sponsors, Altor and bondholders regarding the refinancing of its

Tomás Mannion12 June 2025TRANSCOM

Transcom - comment

With less than two years to maturity, Transcom bonds still languish in the mid-70s. Today's Q1 results will do nothing to change that. The path to

Buy Side, Sell SideTomás Mannion8 May 2025TRANSCOM

Transcom - comment

There is never a good time to lose senior management but with the industry in flux and a refinancing required for its Dec 2026 bonds, now is

Sell SideTomás Mannion15 April 2025TRANSCOM

Transcom - comment

Q4 and FY24 numbers were broadly in line with our and market expectations. EBITDA margins are showing modest signs of improvement, but doubts remain over

Tomás Mannion14 February 2025TRANSCOM

Transcom - comment

The Swedish BPO operator got downgraded by Moody’s to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD. Moody’s also

Saahil Dey27 November 2024TRANSCOM