Please refer to our unchanged analysis here.
Despite some of the detail, the refinancing is close to our estimates. Cash injection is admittedly E75m lower than we had estimated and the Fleet cash is being provided directly via an equity RCF as opposed to being injected down from via the corporate level, but otherwise, the metrics compare closely.
Read MorePlease refer to our unchanged analysis here.
We are shelving our coverage on Loxam. We see the company as out of the woods following today’s results and call, and its bonds are now back to behaving similarly to other conventional High Yield names.
The Q3 20 results call has confirmed again our view that
Read MoreCMA CGM’s results came out above our conservative modelled assumptions. The differential is mainly explained by the significant pickup in
Read MoreAs fundamental investors we value companies on earnings, assets and other boring metrics, then count the beans and decide if they have enough of them. That’s our toolkit - our hammer. But what if
Read MoreOHL Q3 20 results came mostly in line with our projections. EUR772m revenues were a bit higher than our EUR762m forecast, while
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