Rekeep’s results have remained remarkably resilient. Its Healthcare and Public Sector concentration is just what the doctor ordered during the coronavirus crisis. Unless the current
Read MoreCABB’s results were noisy as is often the case. The business remains resilient, and more so than what the reported figures would suggest, as the volumes in Custom Manufacturing were shifted into 2H 20, and especially
Read MoreSo far, the underlying “counter cyclicality” of Loxam’s FCF has reasserted itself. Over the medium term, the valuation coverage over the subordinated bonds will depend on the extent of the recovery of Loxam’s key end market – construction. In this context, we highlight
Read MoreThe Lowell call ended without allowing our questions, so there are some open areas, but overall the situation is well understood.
Cash EBITDA leverage stats look great, given that during
Read MoreSGL’s reinstated guidance after the 1H 20 results suggests the business is finally regaining some degree of visibility. The preliminary assessment of the new CEO, as presented in the call, appears both
Read MoreDespite Algeco’s positive growth momentum, we remain concerned about the unresolved issue of debt sustainability. Algeco’s
Read MoreMaersk’s Q2 20 results confirm the improving trend in container shipping. The group, which had previously withdrawn
Read MoreWe are exiting our long position in the Euro 27’s, as with everything in the Teva structure trading tighter than 5% we question the further upside in the position. This trade has been a successful position for us, entering the 27’s in the low 70’s, the time has come for us to exit.
Read MoreNo major surprises in the reported numbers to the end of June. However, several analyst questions focused on the cash outflow from quarter end (June 30th) to yesterday of c.€800m and having spend more time on the numbers we are
Read MoreAlgeco’s +1.1% revenue growth before M&A, and 81% utilization, are the most reassuring datapoint of the results release. During the coronavirus crisis, revenue
Read MoreSGL Carbon were weak as expected.
The five-year plan presented earlier this year would not have produced sufficient CF to pay for the necessary CapEx even before the pandemic.
Key takeaways:
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