Please find our unchanged analysis here.

Apparently, we remain on the black-list, as once again we have been culled from the Q&A. However, noteworthy is the number

Wolfgang Felix2 August 2021LOWELL

Haya - the timing of it

Please find our updated model here.

Has anything changed? While the timeframe surrounding the resolution of the Sareb contract has been extended, the fundamentals

Tomás Mannion30 July 2021HAYA

Amigo – A chance for Bondholders?

Please find our unchanged analysis here.

Management so far may have done their best to keep the bonds out of the mix, but a potential waiver request, even if subject to the underwhelming

Aengus McMahon30 July 2021AMIGO

Casino - Should we?

We will update on model once Casino publishes its full H1 results.

It has been mixed news once again. As often is the case when analysing Casino, different reporting perimeters and discontinued operations makes it

Tomás Mannion30 July 2021CASINO

Teva - illusive deal appears on horizon

Please find our unchanged analysis here.

As the market becomes increasingly comfortable with the size and shape of Teva’s forthcoming opioid settlements, analysts are beginning to return their attention to

Tomás Mannion29 July 2021TEVA

JLR: Chip shortage a distraction, but not the main issue

We will update our model once JLR report their interim Q1 financial statements.
Electrification:

- JLR numbers were a non-event and for us as the issues remain the same. JLR has

Tomás Mannion27 July 2021JAGUAR LAND ROVER

Europcar - Finally

Please refer to our unchanged analysis here.
After initially positioning ourselves for a VW take-out ahead of the restructuring, it is finally here - only that

Wolfgang Felix27 July 2021EUROPCAR

Amigo Loans Limited – Having another go

Please find our unchanged analysis here.

When it publishes its delayed FYE March 21 results on 29 July 21, Amigo Loans Limited needs to lay out a viable route to re-launching itself as a lender. Amigo will look to

Aengus McMahon26 July 2021AMIGO

Boparan Foods Limited – Feed, Staff and Context, Positioning

Please find our re-initiation on Boparan Foods Limited (Boparan) here.

- In the three quarters since its November-2020 refinancing Boparan’s results have shown headwinds familiar to analysts. Management has blamed

Aengus McMahon23 July 2021BOPARAN

Amigo Loans Ltd – Options, angles and positioning

Please find our initiation on Amigo Loans Limited (Amigo) here.

- videos with investment discussion available on the website -

In the last 12-months, Amigo has been buffered by ballooning claims from borrowers accusing it of unaffordable lending. The company had a

Aengus McMahon23 July 2021AMIGO

Steinhoff - Adjusting for the revised settlement

Please find our updated analysis of Steinhoff here.

What doesn’t kill Steinhoff makes it stronger. That goes as much for the pandemic as it does for the settlement agreement. In January 2020, Management

Wolfgang Felix23 July 2021STEINHOFF

Matalan - Those 2LNs

Please find our updated model on Matalan here.

With the 2LNs in no-mans-land, what will Matalan look like when the refinancing or restructuring needs to happen and when is that exactly? How much is enough and how likely is that? What are the main drivers? Having modeled the

Wolfgang Felix22 July 2021MATALAN

TAP - Why bother with the EC

Please refer to our unchanged analysis here.

If the Portuguese government wanted to exploit the Portuguese Law angle of the bonds in the context of a restructuring (which would have to be an insolvency / asset deal), then why would it bother talking to the EC?

Wolfgang Felix20 July 2021TAP

Naviera Armas - €45m less

Please find our unchanged analysis here.

While we are waiting for the next update from the company, what we are hearing from its surroundings sounds very positive. Naviera Armas (NA) are

Wolfgang Felix19 July 2021NAVIERA

Carlson Travel Inc (CWT) – How much is enough?

Please refer to our unchanged analysis here.

A month after missing the coupon on its 10.25% 1st Lien New Money Notes and entering negotiations with bondholders, CWT announced an

Aengus McMahon19 July 2021CWT

Steinhoff - Bozalek's judgement and Pepco

Please find our unchanged analysis here.

If a pointed challenge fails, it hands the advantage to its target. The same hold true for Steinhoff and its Grand Settlement, emboldening us to

Wolfgang Felix15 July 2021STEINHOFF

Tullow - past performance an indicator of future returns?

Please find our analysis of Tullow here.

Although this morning’s trading update is mainly backwards-looking, the focus of Tullow will remain on the drilling programme in Ghana and

Tomás Mannion14 July 2021TULLOW

HAYA: Left Pocket to right pocket.

Please find our unchanged model here.

While the shareholder's purchase of a portfolio of real estate assets from Cajamar marks the first significant portfolio transaction in the

Tomás Mannion13 July 2021HAYA

Haya - The long, the short and the shrinking

Please find our initiation on Haya here.

As with several High Yield companies, LTM EBITDA levels are not representative of the underlying business. But with uncertainty over three portfolios, including

Tomás Mannion9 July 2021HAYA

Aston Martin - Value vs Volumes

Please find our updated analysis on Aston Martin here.

Following AML's liquidity challenges in 2019 and the COVID crisis of 2020 our analysis finds a rapid recovery and growth in volumes as the DBX rolls out with

Aengus McMahon9 July 2021ASTON MARTIN