We are definitively working on more short ideas, but here goes a different view. Below is my entry for graph of the month.
The market has traded up
celand announced today they have secured a £20m super senior facility (through it’s subsidiary Iceland VLNCO Limited), via
Read MoreThe one take-away from the Reuter’s article and other conversations we have had is that KKR are still engaged on the name.
So far however there has been
Read MoreS&P decided to downgrade Europcar to CCC+ with a negative outlook. The agency contends that sales could drop by -50% this year and that recovery in 2021 might only reach 75% from
Read MorePro-Gest figures were well guided for only a few weeks ago and we are still lacking the presentation, which generally holds some vital data for us.
YoY P&L figures may look
Read MoreThe proposed terms Matalan are soliciting consent for sound like a great deal for the SSNs.
However, we do note that the transaction is
Read MoreSome mixed signals from Antolin on the call.
Liquidity:
- On the one hand the liquidity situation looked better than anticipated as despite the Sales trough falling into April, much of the WC related cash outflow falls
Read MoreAlgeco has had a reassuring Q1 20 results and call. Leading indicators of the business, such as new rental orders, have been holding up well. We will be reassessing Algeco’s
Read MoreBritish Land reported their FY20 numbers to March 2020 this morning, and not surprising their retail component suffered large valuation drops. Total Retail valuation
Read MoreAlmaViva have released their Q numbers prior to conference call at 3pm. Numbers are broadly in line if a little stronger than our model. Will update post the conference call, but highlights include:
Read MoreAs expected, Douglas have had an encouraging call today. Reporting on Covid-19 related underperformance was exceptionally clear and management appears to have convinced
Read MoreOver the last couple of weeks, there has been significant movement in the shareholder register of AA Plc. Parvus Capital have reduced their stake steadily from
Read MoreGiven recent developments and the hiring of K&E and PJT (bonds: PWP), the call did not feature a Q&A session.
High operating leverage, given most of what would be Opex
Read MoreThe company have of course been buying le ss portfolios in Q1 than was the case last year. So much was to be anticipated. To get the good news
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