We are taking a 5% of NAV position in the Casino 21s for a 12.7% YTM to benefit from a string of positive events we see unfolding at Casino. We are also taking a small 1% position in
Read MoreAccording to (so far very well informed) Sky News, PWC has just been appointed by "the bonding providers”. Ae are uncertain if this is a reference to the
Read MoreAccording to Kantar’s release today, Iceland grew with only 0.6% p.a. over the last quarter.
In light of the amount of Capex the company has spent
Read MoreTwo pieces of news over the weekend from European retailers are fundamentally confirming current valuations of Casino:
Read MoreSteinhoff have published their FY 2018 accounts (12 months through September). There are a lot of new bits of information in the release, but the consolidated view is hardly the way to go with Steinhoff. For our bottom-up / entity priority analysis (still to be updated, but not materially) click here.
Read MoreLiquidity remains tight and the revolver is partially drawn - as per thesis, but inventory write-offs send Adjusted GM and EBITDA higher than expected.
Read MoreThe share auction of GPA’s 36% stake in Via Varejo cleared at BRL4.90 / share or Euro 526 million in cash.
Valuation:
Read MoreIntralot are right in line with model except for the working capital/FX/Tax outflow.
Read MoreIn light of a TCG lender selling a significant strip of Super Sr. Loan, RCF and LC, we have spent some time with counsel and advisors this morning on how we see this play out.
Read MoreThe call was interesting, but did not contain anything groundbreaking (good), rather further detail on the presentation we received last week.
Read MoreIntralot have been awarded the Maroc extension. Morocco contributed E8m of EBITDA (100% owned) to Intralot in 2018. Commercial details of the new contract are not known yet, but retaining
Read MoreIceland are out with Q4 results today and have a cap. markets day in the city this afternoon. Tomas is going, so please let him have any questions.
Read MoreTCG are saying the company was approached by its 18% shareholder Fosun and go on to say they are in discussions on the tour operator.
Read MoreTriton are leapfrogging the SUNs with E140m fresh cash - E25m of which upfront to fund the next months and the remainder at close of a Scheme of Arrangement. This leaves the SUNs
Read MoreWhile bondholders as of yesterday are accelerating, we have been adding our latest insights to a flexible restructuring model of both, a liquidation (unlikely, but useful background) and a distressed sale
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