Adient have been wobbling quite a bit in recent days.
The auto sector is generally under pressure from
Read MoreWe have had the honour of a courtesy call from Peter Towner, treasury and IR. The company seems to be looking to gather support for its bonds in the market. Or perhaps its the
Read MoreWe still have no official news. One or two desks seem to have
Read Morethe family did not participate in the rights issue, which resulted in Martin Haefner’s stake ballooning to 44.9%. Thus the CoC clause has been
Read MoreTakko’s exceptional performance in Q2 this year continued through Q3 but has now apparently come to an end, with LfL sales for November and December to date back around the +-0 mark. Clearly, the strong
Read MoreHema had a few comments today that stood out to us:
1) The new distribution centre will be taken over in February. But it seems that
Read MoreAlso announced today was the final agreement with Jumbo. The agreement is very positive, if lacking in some key detail.
Main points:
1) Sale to Jumbo of 17 HEMA City stores in NL and Belgium over the next 3 years. Hema plans to replace
Read MoreHema results came in not far from expectation.
Deviations from model for Q3:
Sales: + E7m. LfL consumer sales of
Read MoreAnother article published this morning on Iceland by the Telegraph. Nothing new in the article and mainly refers to the shareholder's (Brait) efforts to
Read MorePlease find our updated analysis of Boparan here.
As previously written, were disappointed to hear on the call that the company had now arranged pass-through
Read MoreWhat a day.
As all eyes are on UK assets this morning (unwind of Corbin short and Brexit better than uncertainty/euphoria) as well as BB new issues and US/China deal. Everything is up. Some random graphs to lend perspective to where we are.
Read Morehe Q&A session today had some interesting nuggets and one outright surprise:
1) The surprise was that the company now has 70-80% of its contracts on
Read MoreBoparan’s Q1 numbers this morning are slightly exceeding our expectations, although we are disappointed with margins in the Protein - now called “Poultry” division - mostly
Read MorePlease find a first discussion paper on Seadrill here.
The complex capital and asset structure is coming under increasing pressure as a
Read MorePlease find our analysis of Schmolz+Bickenbach here.
We are not fans of the current CoC trade, but are fans of the
Read Morehere are few news this morning in the company’s press release, except the more precise math of its rights allocation.
Observations:
- We are still not clear if
Read MorePlease fid an updated analysis on Intrum here.The company increased its RCF to
Read MoreAs was to be expected, the Swiss regulator has granted S+B a restructuring exemption, clearing the way for
Read MorePlease find our updated analysis on Intralot here.
The recent bond buy-backs confirm our thesis that the company is
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