Rekeep (Manutencoop) – Q3 20 results – maintain position

Please find our unchanged analysis on Rekeep here.

Rekeep’s Q3 20 revenues of EUR264m were ahead of our EUR235m projections and the EUR239m in Q2 20. However, Q3 20 EBITDA at

Juliano Torii12 November 2020REKEEP

SGL - Q3 20 results supported by initial cost cutting measure

Please find our unchanged analysis on SGL here.

SGL’s Q3 20 results were stronger than expected. Revenues were roughly in line with our projections, but EBITDA of EUR36m was significantly

Juliano Torii12 November 2020SGL Carbon

Codere: Restructuring done, so what about operations?

Codere reported their Q3 numbers but with significant operations closed by law, the numbers are a little irrelevant. We remain

Tomás Mannion12 November 2020CODERE

Europcar - pondering a new position

Please refer to our updated analysis, integrated CF model and recap scenario here.

We like the company. Never mind that we struggle to credibly model the

Wolfgang Felix11 November 2020EUROPCAR

Iceland - benefit of inflated sales will reverse, but no trigger to cause bonds to widen

All,

Please find our updated model here.
We currently do not have an active position in Iceland but continue to monitor the situation.
We expect the Company to deleverage to

Tomás Mannion11 November 2020ICELAND

Cbonds conference 3 Nov 20 – High Yield under Covid - recording and slides

All,

Please find below the slide deck we used for our presentation during the Cbonds conference.

Also, please find the link to the recording of the full conference, which includes our presentation, here:

https://www.youtube.com/watch?v=CQsC5WZvjWA&feature=youtu.be

Feel free to reach out if you want to exchange ideas on any of the topics we raised during the presentation.

Juliano

Juliano Torii9 November 2020GENERAL

Casino - tendering for bonds - easy trade of short dated paper evaporating

Please find our unchanged analysis here.

Casino announced this morning their intention to tender for upto €150m of bonds but what is interesting they are tendering for any of the 2021, 2022, 2023 and March 2024 bonds. We had always suspected that the

Tomás Mannion9 November 2020CASINO

Atalian – maintaining position following Q3 20 results

Please find our updated analysis on Atalian here.

Atalian’s Q3 20 EBITDA benefited from EUR21m of temporary furlough and wage support schemes. This accounted for

Juliano Torii9 November 2020ATALIAN

TEVA, despite recent weakness in share price, bonds trade tight in light of expected deleveraging

We have updated our model here

We exited our position in the Euro 27;s in mid August and despite the

Tomás Mannion6 November 2020TEVA

Pro-Gest - Power plant starting up

Please refer to our unchanged analysis here.

Pro-Gest have started up the power plant of the Mantova mill, the latest sign that production is ultimately due to begin. The plant will likely take

Wolfgang Felix6 November 2020PROGEST

Pizza Express - Confidence

Please refer to our unchanged analysis here.

Allan Leighton is one of the UK’s retail heavy-weights. At a time where we enter lockdown #2 and are musing about #3 and #4 in H121

Wolfgang Felix6 November 2020

Takko - Modelled lockdowns #2, #3 and #4

Please refer to our updated analysis here.

Not all retailers are created equal. Takko survived the summer, despite bonds infamously hitting the 20s in March.

As they were on their way down in the 40s, we wrote that we’d love them

Wolfgang Felix6 November 2020TAKKO

CGG - Q3 20 results confirm stabilization of the sector

CGG’s Q3 20 results came out stronger than we expected, with USD199m of revenues vs our USD175m in our model, and USD80m of adjusted EBITDA vs the

Juliano Torii5 November 2020CGG

Casino - Near term bonds benefiting from expected asset sales, 2024 and beyond need to rely on underlying performance

Please find our updated analysis on Casino here.

The news from last night, with Casino purchasing and cancelling €155m of the 2021-23 bonds, confirms the desire and need of Casino to continue to retire these bonds prior

Tomás Mannion5 November 2020CASINO

SGL Carbon – thoughts following guidance downgrade and impairment

Please find our unchanged analysis of SGL here.

The impairments and guidance downgrade do not come as a surprise, given the significant impact of the covid crisis on two

Juliano Torii4 November 2020SGL Carbon

Cbonds conference 3pm UK time/10am NY time today – Juliano Torii will be a speaker

Juliano will be a speaker on the High Yield and Leveraged Finance market during Covid, at the Cbonds online conference. Cbonds is a financial data provider, a competitor to

Juliano Torii3 November 2020GENERAL

Rekeep – increasing our position

Please find our updated analysis on Rekeep here.

The FM4 fine, which had previously been enforced against the company at a total of EUR91.6m over 72 monthly instalments, are being recalculated

Juliano Torii2 November 2020REKEEP

Takko - OK, you drive!

Giving the company a covenant holiday now - ahead of lockdown 2 - amounts to saying to the bonds: "OK, you drive!” And reduces any risk of the

Wolfgang Felix2 November 2020TAKKO

JaguarLandRover - limited upside from current levels

Please find our updated model here.

We entered this trade when the '26’s were in the mid-'60s and although we remain cautiously positive on the credit, there is limited upside in the current environment.

Jaguar LandRover has sufficient liquidity, with

Tomás Mannion30 October 2020JAGUAR LAND ROVER

Atalian – maintaining position

With respect to the temporary boost of margins and understated leverage, the call reflected similar themes that we have observed in other companies’ quarterlies this year.

We are

Juliano Torii30 October 2020ATALIAN