Tullow - Sarria Daily Comments 08/11/2021

Kosmos released production numbers for the Ghanian fields this morning as part of their Q3 results. Tullow only report semi-annually but

Tomás Mannion5 November 2021TULLOW

CGG - Sarria Daily Comments 05/11/2021

With oil prices at or above $75bbl, the outlook for E&P capex is good and the knock-on impact for CGG in 2021 and 2022 is positive. We adjusted

Aengus McMahon5 November 2021CGG

Boparan - Chickens in the basket

Please find our unchanged analysis here.

The purchase by Boparan Private office of a large poultry processing plant is a perplexing and potentially worrying scenario for investors in Boparan’s bonds. The price is undisclosed, but we estimate

Aengus McMahon5 November 2021BOPARAN

Iceland - Sarria Daily Comments 04/11/2021

Iceland reported Q2 22 numbers (19th June-10th September) this morning, and as guided, EBITDA has declined primarily due to

Tomás Mannion4 November 2021ICELAND

GPA - Sarria Daily Comments 04/11/2021

GPA (Tomás) - GPA reported their Q3 numbers last night before the release of Q3 Sales numbers from Casino later this evening. Topline sales

Tomás Mannion4 November 2021CASINO

Aston Martin - Sarria Daily Comments 03/11/2021

We don’t believe Aston Martin will be providing the £200m capital needed by the Aston Martin F1 team after the

Aengus McMahon3 November 2021ASTON MARTIN

CMA - Sarria Daily Comments 03/11/2021

CMA CGM – (Aengus) Port infrastructure assets are currently in high demand from infrastructure investors and freight companies, and CMA is now

Aengus McMahon3 November 2021CMA CGM

Atalian - Balancing the desire

Find our updated analysis here.

Atalian’s recent operating performance was less important than news on how it is coping with inflationary pressure and when it will

Aengus McMahon2 November 2021ATALIAN

JLR - Sarria Daily Comments 02/11/2021

JLR reported weak but in line numbers yesterday afternoon. The Company had guided the market on the numbers recently and

Tomás Mannion2 November 2021JAGUAR LAND ROVER

Intu SGS - Sarria Daily Comment 01/11/2021

INTU SGS — (Tomás) INTU SGS released their quarterly presentation and will follow up with a conference call on Wednesday 10th at 2 pm. Some highlights from the presentation include:

Tomás Mannion1 November 2021INTU, INTU SGS

Rallye/Casino - kick the can down the road

Please find our updated model on Rallye here. We will update the Casino model post the Q3 (sales) results due to be released next Thursday 4th November.

Many analysts, including ourselves, have

Tomás Mannion27 October 2021CASINO, RALLYE

Adler/Aggregate - Site Visits

Please refer to our unchanged analysis here.

We have been stalking about the construction site in the centre of (West) Berlin, situated prominently on the city’s biggest shopping mile. It turns out that it’s

Wolfgang Felix27 October 2021AGGREGATE, ADLER

Lowen Play - A double 00?

With the High Yield market buoyant most market participants were expecting a refinancing of the Löwen Play bonds. However, they have

Tomás Mannion26 October 2021LOEWEN

CGG - Waiting for the CapEx train

Please find our updated model here.

After CGGs guidance for Q3 and with the full figures due on 4th November, we have made some adjustments to our model. We have

Aengus McMahon25 October 2021CGG

Matalan - Calculating Supply Chain and Inflation Impact

Please refer to our updated analysis of Matalan here.

After management spend most of the Q2 call managing expectations for Q3 and Q4 in light of logistics and inflation, we have put together a framework for calculating the

Wolfgang Felix25 October 2021MATALAN

Tullow - To preempt or not

Please find our updated model here.

Following Kosmos' update to the market on current production and expectations for the Ghanian fields we have made

Tomás Mannion24 October 2021TULLOW

Intrum - ready, steady, uuhhhmmmmm

Please find our updated analysis on Intrum here.

When a sector is about to take off on reports of vast volumes of supply coming to market and barriers such as moratoria ending, then we’d expect

Wolfgang Felix21 October 2021INTRUM

Matalan - Call Desk

Please refer to our unchanged analysis here.

We’d have been comfortable in our 2LNs even with a worse result. With all the negative headlines coming from the retail sector this summer: staff shortages, supply shortages, pingdemic, weather, HORECA reopening… we had

Wolfgang Felix18 October 2021MATALAN

Boparan – Delivering Brexit and other realities.

Please find our unchanged analysis here.

In the coming quarters Increasing cost pressures for Boparan will represent a

Aengus McMahon15 October 2021BOPARAN

Tullow Oil - Kosmic Decisions

Please find our unchanged analysis on Tullow here.

Decision time for Tullow. The sale of the Occidental stake in Jubilee and TEN does not come as a surprise. However, with the

Tomás Mannion15 October 2021TULLOW