According to recent rumours traded in Italy the CDP and Salini may have arrived at a deal, whereby Pietro Salini has to take significant dilution, but becomes CEO of the combined entity
Read MoreDB yesterday also published a long report on Cabot and Lowell. It’s fair to say that DB have a much more wholistic grab of the situation than JPM displayed in their note the other day.
Read MoreWe would be extremely surprised the company paid coupon this month. Instead we expect advisors to come with a plan and commence restructuring net week.
Read MoreThe call was strong. Matalan have strengthened their managerial team and have given us a lot of detail we have yet to work through.
Read MoreMatalan results were right on target this morning - suggesting that our FX hedge roll is working nicely.
Sales volumes were slightly higher, but at lower margins, in line with what we’ve seen at other retailers during the winter season
Read MoreAstaldi have this week hired Paolo Amato (Alitalia) into CRO position. Paolo has a reputation to loose and is a prominent and competent appointment underscoring that Project Italia
Read MoreJPM this week published a long report on Lowell with all kinds of detail. The report is negative, although it does not contain any new findings. However, the team at JPM don’t seem to quite see the wood from the trees. Most points the bank makes are at their core entirely valid, but together they do not amount to any more
Read MoreAnd there it is: Casino have stopped paying dividends.
- On the one hand the Nauri was clearly forced to cut the dividend, given Casino's
Read MoreWe remain short for the time being. Cash may be E20m better than we thought, but the trajectory is largely as per thesis.
As expected, the company is applying the breaks. Liquidity is
Read MoreTakko results this morning were by no means strong, but they beat our expectations.
- Revenues were E20m stronger than model, resulting in additional E10m of gross margin (when adjusted for a 13m inventory write-down -
Read MoreAs regards operating performance Q1 has been a little on the weak side, which feeds through to a slightly (even) weaker CF than usual
Read MoreThe negative stream of news from the UK high street continues as Jamie Oliver’s restaurants enter administration and Philip Green closes 23 of his stores. Between Burton, Dorothy Perkins and Top Shop it will be close to 200 stores altogether.
Pizza: As the CVAs are queueing up,
Read MoreWe have had a great ride with Thomas Cook, but we feel it is time to close out the trade and wait on the sidelines for a bit. Upside and downside appear relatively balanced from here and
Read MoreThe new CFO, Bob Rajan, works in A&M’s Munich office. He is likely coming in to spear-head the restructuring of the German operation. As per our question on the call
Read MoreFirst reaction from Tomas:
Vallourec have more pricing power than we think. Results are good, better than I was expecting.
Our volume assumptions were right on
The short is paying off. The results were overall weak - if slightly better than model - and investors can expect restructuring costs, price and It investments to offset any gains from the newly
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