Casino - Comments

Casino has launched a partial tender of its 2025 and 2026 outstanding bonds at 96.625% and 95.5% respectively. This is

Tomás Mannion14 December 2021CASINO

Boparan - Spot on

Please refer to our unchanged analysis here.

It’s not the margin (Q1 came in very close to model) that is interesting today, but the make-up of it. Sales and Gross Margin are slightly better than we thought -

Aengus McMahon14 December 2021BOPARAN

Amigo Loans - Comments

Amigo’s Practice Statement letter provides a timetable for a resolution to its unaffordable selling issue; however, success is still dependent on the FCA who has reserved its

Aengus McMahon13 December 2021AMIGO

Hurricane - Comments

Hurricane have purchased over the last two days $43.5m of outstanding bonds at a small discount reducing the outstanding

Tomás Mannion13 December 2021HURRICANE

Adler / Gerresheimer - An "Artist's" Impression

Please find our slightly updated analysis here.

Naturally, the deeper one digs, the more frequently the same familiar parties pop up. In the case of Gerresheimer this seems to be no different. What’s perplexing is

Wolfgang Felix13 December 2021ADLER

Vallourec - Iron ore or tubes business?

Please find our updated model on Vallourec here.

The 2021 boom in iron ore prices has afforded Vallourec an unexpected but welcome chance to ride out the impact of delays in

Tomás Mannion9 December 2021VALLOUREC

CMA CGM - Comments

Scale is key to CEVA competing with the likes of Kuehne & Nagel (K&N) and despite a large acquisition premium, CMA CGM’s purchase of Ingram Micro’s Commerce and

Aengus McMahon9 December 2021CMA CGM

TAP - Staying on Target

Please refer to our updated analysis here.

At least if against all experience, one believes the latest promises of Joao Leao, some eight or nine months after we had initially been promised an agreement, it finally seems

Wolfgang Felix8 December 2021TAP

Rallye — Comments

Rallye received approval from the Courts yesterday for the sale of GoSport to Hermione People & Brands (HPB). This was

Tomás Mannion8 December 2021CASINO, RALLYE

Casino - Comments

Czech billionaire Daniel Kretinsky, via his Vesa vehicle purchased additional shares on 26th November to cross above the

Tomás Mannion7 December 2021CASINO

Intralot - Leveraged Minority, Positioning

Please refer to our unchanged analysis here.

It’s been a long and profitable ride with Intralot. But as indicated in our last mail, we have been discussing exiting

Wolfgang Felix7 December 2021INTRALOT

Adler - The Best Bond, Repositionin

Please find our updated analysis with videos here.

After all that’s been going on last week, we have decided to make a change to our positioning in the bonds. In light of the liquidation of most of the portfolio under Adler Real Estate, the

Wolfgang Felix6 December 2021ADLER

Amigo - Everyone shares.

Please find our unchanged analysis here.

Amigo provided a little more meat to the bones of its restructuring proposal, but the meaningful details will

Aengus McMahon6 December 2021AMIGO

Aggregate - Cash is King

Please refer to our existing analysis here.

We had been expecting more of a charm offensive by Aggregate around the Q3 reporting of Adler, but perhaps the

Wolfgang Felix6 December 2021AGGREGATE

Lowen Play - No refinancing, self help required

Please find our unchanged model here.

Despite rumours, Lowen Play have not been able to do a straight refinanicng. Instead they have reached agreement

Tomás Mannion3 December 2021LOEWEN

Haya - Comments

S&P have downgraded Haya from CCC+ to CCC- negative outlook. Given the uncertainty surrounding the Sareb contract this is

Tomás Mannion3 December 2021HAYA

Corestate - Comments

The two previous largest shareholders, Passiva Participants Sarl and Aggregate Holdings 2 SA, who held 19.7% and 7.4% respectively in Corestate, have

Tomás Mannion2 December 2021CORESTATE, GERMAN RE

Aggregate - Comments

Linked to the above Corestate news, the ultimate shareholder in Aggregate, Günther Walcher, controls Passiva Participants Sarl and

Tomás Mannion2 December 2021AGGREGATE

Intralot - Margin Loan

Please refer to our unchanged analysis of Intralot here.

The gold rush out west has made many a fortune, but for many it turned into a matter of all or nothing. Once again, Intralot have lost their

Wolfgang Felix1 December 2021INTRALOT

Lowen Play - playing and winning the state aid game

Please find our unchanged model here.

Lowen Play are an arcade operator but for majority of FY21 they have played the state aid game and won. They have received €78m in state aid during the FY21 - to put in

Tomás Mannion1 December 2021LOEWEN