Two random themes from Germany this morning: Car Industry Investments and Consumer Rates.
1) Car Industry Investments:
The German car industry could be shedding some 10% of
Read MoreThoughts following another call with the company and with Liwet:
1) All is of course subject to the regulator’s decision to be communicated before Monday morning.
2) Haefner and the company calculate that only approx.
Read MoreSome thoughts on Schmolz’ shareholder agreement yesterday:
1) It’s fundamentally positive to have any agreement at all.
2) The thus far continued opposition by FINMA to grant a restructuring exemption still makes
Read MoreWe’ve been through the Intralot numbers this morning and continue to miss some E5m of EBITDA from the company’s JVs.
While last quarter we’ve had some excess
Read MoreLowen Play reported their numbers this morning, with conference call not due until next Friday evening. As expected leverage has continued to increase, at 3.7x, with our models showing
Read MorePlease find our updated analysis here.
It is not long ago that we have been very negative on - even short Takko. The company still struggles to
Read MoreBelow are some random graphs that caught our eyes this week:
1) To our dear American Friends for Thanks Giving: Thank you very much from Germany!
Read MoreLowell have posted good collections this morning. Much of it was driven by lower GMMs, but income from collections was nonetheless up some 5%.
The gains in income from collections were however
Read MoreWe have just updated our model on Iceland here
As HY investors are getting to grips with another cost inflationary pressure (Packaging Recycling Notes) many are prone to missing the story. Iceland again
Read MoreQ4 results this morning confirm why we have been critical of Selecta for some time.
The majority of EBITDA growth stems from asset sales and at the continuously lacklustre
Read MoreWell, scrapping the Q&A was a bit useless, but well advised. So what do we thing we have learned?
The RCF needs to be addressed before February:
- Management expect a cash outflow
Read MoreRally’s press release heralds good news - within Sauvegarde.
1) Rallye’s Sauvegard has been extended by 6 months. The same goes for Cobivia and HMB. Alpetrol will presumably receive its extension on December 17th.
2) Rallye have struck an agreement with
Read MoreWe have been going through plenty of game theory on S+B in the last weeks - admittedly with no single result that would have led us to taking a position.
Read MoreFollowing an interview given by To van Veen, CFO of Jumbo supermarkets in a Dutch Dagblad, the market is speculating just how many stores Hema would be selling to Jumbo.
The deal:
- Little is known at this stage, other than that
Read MoreWe remain long Almaviva for the time being. The name has gained some 10 points since we stepped in, but while we are seeing
Read MoreThought experiment:
If Hony - by whatever means - managed to control / lock-up / acquire another £35m of
Read MoreFollowing Hony’s announcement of having received tenders for some £93m face value of PE 2Lns yesterday, its probably worth exploring in particular three options that Hony may consider from here:
Assumptions:
- Hony seem to have access to
Read MoreIntralot confirmed a slightly higher final price for its stake in Gamenet than published a few weeks ago.
The company is expected to report Q3 results next week, which should
Read MoreKCA announced today the win of $460m of new contracts/extensions in their Land Drilling business. First take is positive, as some of the
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