Please find our analysis of Adler / Aggregate here.

Fraud is not something you can easily detect when looking at the numbers. That’s generally the idea. But

Wolfgang Felix14 October 2021ADLER

Vivion Investments – Quantifying Aggregate Exposure

Please find our unchanged analysis here.

So how significant is any damage to Vivion from the fall-out at Aggregate Holdings post the allegations made against Adler Group? Having spoken with management, we see the impact

Aengus McMahon13 October 2021VIVION

TAP - Unlikely, Unpractical and Unnecessary - Positioning

All,

Please find last week's analysis on TAP here.

The thesis remains unchanged from our mail last week, but the comments in

Wolfgang Felix8 October 2021TAP

Aggregate / Adler - call with management

We are speaking with the management of both Aggregate and Adler next week.

Please let us know if you have any questions that you would like us to ask.

Wolfgang Felix8 October 2021ADLER, GENERAL

Cnova/Casino/Rallye - Reality bites

Please find our unchanged analysis on Casino/Rallye here.

The announcement this morning that Cnova was postponing/canceling their capital raising was a surprise to us, given just last week

Tomás Mannion8 October 2021CNOVA, CASINO

INTU SGS - (Slow) Progress

Please find our analysis on INTU SGS here.

- With the reopening of UK retail outlets post-Covid restrictions, it is not surprising to see footfall return to UK shopping centres. At SGS,

Tomás Mannion8 October 2021INTU

Intralot - Playing the odds - Positioning

Please find our updated analysis of Intralot here.

So do we play the odds? Intralot of course published their H121 results upon which the 24s came flying to a 10% YTM. We have been

Wolfgang Felix7 October 2021INTRALOT

Matalan - Much noise - Positioning

Please find our only slightly updated model here.

We have been looking to do this for a while, but our thesis got another shot in the arm last week when

Wolfgang Felix6 October 2021MATALAN

TAP - Scaling the challenge

Please find our all-new analysis here.

As we calculate through Portugal’s restructuring plan for TAP, we conclude that the amount of

Wolfgang Felix5 October 2021TAP

Takko - €200m

Please refer to our unchanged analysis here.

Our thesis that customers would flock back to discounters - in particular in the vicinity of DIY shops - was confirmed, even

Wolfgang Felix5 October 2021TAKKO

Debentures Plc (INTU) : Stability, then growth

Please find our analysis on Debenture Plc (formerly INTU Debenture Plc) here.

Given the recent news on occupancy rates and potential new tenants, can we infer the

Tomás Mannion30 September 2021INTU Debentures

Hurricane - No Pressure

We have had a few investors revisit the Hurricane situation, hence we are sending out a refresher.

The business appears

Tomás Mannion29 September 2021HURRICANE

KME - Too Late

Please find our updated model and analysis here.

Investors have decided that the proceeds of KME’s sale of part of its Special’s business are coming their way. We are

Aengus McMahon28 September 2021KME

CMA - how to spend it

Please find our updated model here.

What goes up must come down. But when rates do come down, CMA will likely look very different. The company has ridden

Aengus McMahon28 September 2021CMA CGM

Tullow - it is all about Production

Please find our updated model here.

Although benefiting from a rising oil price environment, Tullow’s success or otherwise depends on their drilling program and firstly

Tomás Mannion27 September 2021TULLOW

Vivion Investments - Completing the deal

Please find our unchanged analysis here.

Following the Fuerst transaction, the biggest value risk at Vivion has shifted from asset based speculation to Aggregate holding corporate risk, as well as

Aengus McMahon22 September 2021VIVION

Intralot - The gamble at 88

Please find an updated version of our analysis here.

So we’ve learned nothing. Until Q118 brought to light what was really going on underneath Intralot's consolidated financials, the market had

Wolfgang Felix18 September 2021INTRALOT

Intralot - Status Quo

Please find our unchanged analysis here.

Clearly, our 24s have been on fire (please send champagne and congratulations to: info@Sarria.co.uk). But just how good are the news and is it worth buying/holding/selling at 87?

Wolfgang Felix16 September 2021INTRALOT

Atalian – time on its side, for now.

Please find our updated analysis on La Financiere Atalian here.

Atalian has navigated through the post pandemic period with very little fanfare but with better Q2 numbers than we expected. We now see

Aengus McMahon16 September 2021ATALIAN

Amigo - Holding the phoenix’ candle

Please refer to our unchanged analysis here.

It’s been a long time coming and we still haven’t got that next practice letter, but progress has been made under the surface. As the

Aengus McMahon15 September 2021AMIGO