Results out this morning.
- Growth is good, but at the expense of margin. Nothing new here.
- Sales and Ebitda are a little better than we thought.
Results out this morning.
Two key notes:- Airline sale - have received multiple bids, including for the whole airline. Currently assessing the bids and will provide update in due course.
As expected, the TUI reporting this morning reveals a weak H1 (October - March). Rad-through for Thomas Cook:
1) Knock-on from Summer 2018 heatwave. Consumers had had enough sun for the year
Read MoreMoody’s have rated New Look Caa2 with a review for a further upgrade.
The agency expects further cost and thus leverage reduction throughout the year. We concur
Read MoreArrow and Cabot have today released interesting and bland results respectively.
-> Arrow is still FCF flat before paying any interest.
-> Including the new ABL facility, Arrow now have ~ £220m of liquidity headroom, which
Read MoreContinued negative news for British retail - including our anti cyclical positions in New Look, Matalan and to an extent Iceland.
Read MoreSteinhoff have finally published accounts for FY 2017. In itself that’s a huge positive. First impressions:
- First off, it is astonishing to see the scale of fraud that went undetected for such a long time. But that’s for light reading at home.
Read MoreIn light of today’s deadline for preliminary bids on TCG’s airline, Lufthansa have made the below comments to Reuters at their AGM:
"Germany's largest airline Deutsche Lufthansa will make a non-binding offer for Thomas Cook's Condor with
Read MoreGalapagos clearly beat our expectations in Q418.
While the Enexio business cratered a little less dramatically
Read MoreNew Look have completed their balance sheet restructuring.
Read MoreAccording to Sky news: https://news.sky.com/story/struggling-thomas-cook-flies-towards-400m-bank-deal-11710248 E&Y have ordered TCG to go raise another £400m if they want sign-off
Read Moreantar released UK supermarket data today though the 21st of April, and thus including Easter. Iceland's FY19 numbers won’t be released until 13th June. The Kantar numbers overlap Iceland’s
Read MoreThe Pizza Express call has been hopelessly uneventful:
- Management gave no information besides the numbers in the presentation.
- Shareholders remain “engaged” on the capital structure issue, but no
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