Adler - Staying our Course

Please refer to our slightly updated analysis here.

So we’ve been looking at Adler as a company that has a company with two daughters: a pretty one in plain clothing and one that’s all dressed up, but they don’t like to mention. Management are looking to

Wolfgang Felix1 December 2021ADLER

INTU SGS - Comments

SGS management released an October update on their shopping centres, with all metrics continuing to rebound: Occupancy

Tomás Mannion1 December 2021INTU SGS

Haya - Stuck in no man's land

We have updated our model here.

Haya’s quarterly numbers are a distraction from the main issue - retention of the Sareb contract - which we should

Tomás Mannion30 November 2021HAYA

Adler - Comments

Shares are down 10% today on a Q3 release that disappointingly offered no insight into nothing. LfL rental

Wolfgang Felix30 November 2021ADLER

Pizza Express - Comments

Q3 results have been very encouragingly strong for the UK QSR Chain. Having gone through a CVA and bond restructuring last

Wolfgang Felix30 November 2021PIZZA EXPRESS

KCA Deutag - restructuring in the past, where to now?

We have updated our model here.

KCA Deutag has successfully managed the exit from restructuring, what are the next steps? Underlying business is

Tomás Mannion30 November 2021KCA Deutag

Amigo - Still waiting.

Please find our unchanged analysis here.

Clarity is emerging in the Amigo situation post the release of their H1 numbers this morning. Press headlines will focus on

Tomás Mannion29 November 2021AMIGO

TAP - Comments

Turkish Airlines denied that it has made any attempt at buying an international airline at this juncture. Portuguese newspaper Negocios had

Wolfgang Felix29 November 2021TAP

Adler - Putting it all together, Positioning

Please refer to our updated analysis of Adler here.

In analysing the valuations of the various Consus properties as well as Adler’s yielding assets and receivables, we are coming to the conclusion that on a

Wolfgang Felix28 November 2021ADLER

Boparan – Liquidity flowing and ebbing.

Please find our unchanged analysis here.

Boparan had been very vocal about the cost headwinds it faced. Also, the poor Q4 numbers were no surprise. After quarter-end Ranjit Boparan took away one

Aengus McMahon26 November 2021BOPARAN

Travel - Comment

Instead of examining Black Friday “bargains” the market’s focus has turned to a new Covid 19 strain emerging from Southern Africa. Airline stocks have

Tomás Mannion26 November 2021TRAVEL, TAP, WFS, E-DREAMS, TULLOW

TAP - Comment

On a day where the presence of new Covid 19 in South Africa and the absence of investors from New York are wrecking havoc, especially in the travel sector, TAP’s Q3 release yesterday went almost unnoticed. Operating

Wolfgang Felix26 November 2021TAP

Standard Profil - Comment

The auto supplier’s newly issued SSNs (B-) dropped to 80 and below this morning following the company’s Q3 release yesterday evening. The

Wolfgang Felix25 November 2021

WFS – Flying away to the shelf

Please find our updated analysis here.

WFS has benefitted from an upsurge in cargo demand during covid, although the weak position of its ground handling business means 2021 will still be

Aengus McMahon25 November 2021WFS

Casino - Comment

Casino completed its refinancing raising an additional €425m of senior debt at € +4%, and with €105m of the proceeds

Tomás Mannion24 November 2021CASINO

OHLA - Comment

In an interview with El Pais, Luis Amodio (OHLA Chairman) commented that OHLA anticipates a rise in orders from Europe as the post-COVID spending plans are enacted. Public officials are

Aengus McMahon24 November 2021OHLA

German Real Estate - Macro vs Micro

Please refer to our analyses and videos of Aggregate and Adler, the latter to be updated before Q3.

If waves are there for surfing and if the trick is to ride them before they break, then German Real Estate is the type of wave we are looking for. It’s been

Wolfgang Felix24 November 2021GERMAN RE, ADLER, AGGREGATE

Aggregate - Conclusion, Positioning

Please find our significantly upgraded analysis of Aggregate here, as well as videos of our investment committee discussion.

So we have come to a conclusion. Following our initial take, detailed discussions with some of you, a meeting with Aggregate incl. Cevdet Caner and further discussions with other market participants and real estate investors, we

Wolfgang Felix23 November 2021AGGREGATE

Vonovia - comment

Vonovia’s rights issue presentation had a couple of graphs underlining why the German residential market remains such an attractive investment. We do

Aengus McMahon23 November 2021VONOVIA, GERMAN RE, ADLER, AGGREGATE, AGREGGATE

CMA CGM - comment

The third-quarter figures were the blowout that was not difficult to forecast, although volumes fell 2.5% vs Q320. The

Aengus McMahon22 November 2021CMA CGM