Pro-Gest more positive, but still binary

Even if a positive resolution has become somewhat more likely before the political back-drop of regional elections in the summer, the situation

Wolfgang Felix16 February 2020PROGEST

Douglas - Minor update of model

Please find a minor update to our model here.

We continue to view the company very positively and remain

Wolfgang Felix14 February 2020DOUGLAS

Teva results out, no surprises, in line to slight beat.

Teva results are out, conference call at 1pm. Results are inline to slight beat to previous

Tomás Mannion12 February 2020TEVA

New Look - ahead of the call

Since receiving data from other retailers incl. Matalan, performance was expected to be dismal, but on the bright side

Wolfgang Felix11 February 2020NEW LOOK

AA - Upbeat pre-close statement

The AA released an upbeat Pre-close statement in line with our investment thesis that the Company will

Tomás Mannion11 February 2020AA

Pro-Gest - no extension to 30 months

Pro-Gest did not see their request granted to extend the amortisation period for the fine from 20

Wolfgang Felix7 February 2020PROGEST

The AA - taking a position

lease find our initiation on AA here.

If possible ahead of next week’s results, we are taking a

Tomás Mannion7 February 2020AA

Voestalpine - better cash management masks worse performance than model

Please find updated model here.
Working capital management and in particular better inventory work down has masked a

Tomás Mannion6 February 2020VOESTALPINE

Schmolz&Bickenbach buy-back

No major news here.

As per our previous notes we understand that

Wolfgang Felix6 February 2020Schmolz + Bickenbach

Pizza Express - Pizza Hut outlines impact from Coronavirus - "Contactless Delivery"

Pizza Hut China delivered traffic growth in restaurants and delivery.

- LfLs were up 1%, but those figures are tainted by

Wolfgang Felix6 February 2020PIZZA EXPRESS

Adient - two catalysts to aim at

Following Adient’s strong Q1 results, please find our updated analysis here.

The company has announced two catalysts for the year:

Wolfgang Felix5 February 2020ADIENT

Steinhoff - looking to take a position again

Please find attached our updated in-depth analysis of Steinhoff here.

Perhaps the prices we are seeing are stale, but according to our entity priority model

Wolfgang Felix4 February 2020STEINHOFF

Pro-Gest - Microwaivers, lay-offs, elections, momentum

Eventful times in Montova:

On the positive:

- Pro-Gest have signalled

Wolfgang Felix3 February 2020PROGEST

Thames Water - credit deterioration but not taking position

Please find our updated analysis here.

Thames Water has until mid February 2020 to decide on appealing the

Wolfgang Felix31 January 2020THAMES WATER

We are hiring

We are urgently looking for good analysts - preferably Sr. and preferably on the beach - to join our team.

Please let us know if you can think of anyone in the market and whose judgement you trust. Wolfgang

Wolfgang Felix31 January 2020

SGL Carbon - Correcting 2020 outlook

Please find our updated analysis of SGL Carbon here.

Clearly the strong shareholders of the company are spoiling

Wolfgang Felix31 January 2020SGL Carbon

Naviera Armas - not yet

Please find our detailed analysis of Naviera Armas here.

While we are coming to the conclusion that the company will ultimately achieve

Wolfgang Felix29 January 2020NAVIERA

Steinhoff SA (Pepkor) receives strong rating

Good news to 21a and 22s from a valuation perspective, but cash dividend still unlikely.

Steinhoff’s SA subsidiary Pepkor Holdings Ltd. received

Wolfgang Felix27 January 2020STEINHOFF

Loewen in Play

Rumour has it that Ardian (Axa PE) have engaged CS to sell the company.

Selling the company in times as uncertain

Wolfgang Felix23 January 2020LOEWEN

ProGest - microwavers

The company has requested waivers from its 2020, 2021 and 2022 bonds and called for a meeting at the end of the month.

In theory the

Wolfgang Felix21 January 2020PROGEST