Please find our unchanged analysis here.

Now that the 79% redemption of the SSNs is complete and the cash paid to bondholders, we are a little perplexed that the bonds are quoted

Aengus McMahon18 January 2022AMIGO

Sarria NAV

All,

The pandemic is dragging on and global recovery is slower than we thought only a year ago. 2021 has been another tough year in many ways. Meanwhile however, at Sarria we have much to be thankful for. Following our 16.4% return in 2020 (net, unlevered), our (paper) book has performed even better since then.

2021 has given Sarria the chance to demonstrated the alpha inherent in hard work and in our unique setup among some of the smartest accounts on the Buyside. Our trusted analysts’ diligent and conclusive analysis and your questions, your answers and your confidence has allowed you and us to gain comfort on some of the more challenging, opaque and misunderstood names in the market, generating truly outsized returns.

The result has been a staggering return on NAV of 36.8% (net unlevered) in 2021 and I want to thank Team Sarria and You, our clients, for making this think tank happen.

Wolfgang Felix18 January 2022GENERAL, SARRIA

Matalan - For all the right reasons

Please find our updated analysis here.

Vindication has been a long time coming. Reading through our religiously bullish notes on Matalan over the last two years, we must admit that several times along the way we thought we’d be well out of the crisis by now. But the pandemic is

Wolfgang Felix17 January 2022MATALAN

KME - comment

KME’s decision to move some production from France to Italy and lay off 117 workers reflects the constraints on volumes at the KME group as well as

Aengus McMahon17 January 2022KME

Vallourec - comment

Vallourec has reopened its mine operations following a temporary closure over the weekend due to the heavy rains in the Brazilian region. The heavy rains

Tomás Mannion17 January 2022VALLOUREC

Jaguar LandRover - comments

Headlines are dominated by the decline in total Jagaur car sales for Q3 and year-to-date numbers but with constraints in the supply chain, JLR are

Aengus McMahon14 January 2022JAGUAR LAND ROVER

Aston Martin - comments

The appointment of a new CFO at Aston Martin was necessary, and we see today’s appointment as a positive for the company. In December

Aengus McMahon14 January 2022ASTON MARTIN

Adler - Debt Free

Please refer to our unchanged analysis of Adler here.

Only two days ago one of you asked if I thought the Velero/KKR deal would close soon. Today I know I gave the wrong answer. Of the three transactions Adler had

Wolfgang Felix13 January 2022ADLER

Vivion – To pick a nude's pocket

Please find our unchanged analysis here.

We have seen Vivion bonds marked lower in recent days after a sell-side report apparently suggested the company may see a delay in receiving cash due from Aggregate Holdings regarding Vivion

Aengus McMahon13 January 2022VIVION

UK Retailers/Iceland - comments

Listening to Sainsbury and Tesco’s analysts calls, as well as reading through the Poundland announcement this morning, the take away is that the good times continue to roll for UK retailers. With the

Tomás Mannion13 January 2022ICELAND, UK RETAIL

Steinhoff - Thoughts on Pepco

Please refer to our unchanged analysis of Steinhoff here.

Perhaps we are misreading the results, but we are surprised. As we noted only last week, Andy Bond’s departure seemed to be

Wolfgang Felix13 January 2022STEINHOFF

Takko - All of it

Please find our updated analysis of Takko here.

So Takko have not exactly been honest with us last year. First, in spring 2021 we were shown a presentation with a liquidity slide that at the time

Wolfgang Felix12 January 2022TAKKO

Aston Martin – Upgrades are not always necessary.

Please refer to our unchanged analysis here.

Aston Martin Lawrence Stroll’s denial that he is looking to replace Tobias Moer gives us some comfort as we believe Aston Martin should focus on delivery. The

Aengus McMahon12 January 2022ASTON MARTIN

Takko - comments

As so often, this week’s reporting wasn’t going to be so much about Q3 as about Q4. Takko looks surprisingly ship shaped, considering the

Wolfgang Felix12 January 2022TAKKO

Accentro - leaping faith

Please find our initiation on Accentro Real Estate (Accentro) here.

Accentro’s SUNs are yielding 18% for a maturity of only 16-months, and German residential real estate remains a highly sought-after investment for

Aengus McMahon10 January 2022ACCENTRO

Steinhoff - Progress is in the details

Please refer to our unchanged analysis of Steinhoff here.

We have calculated and written much about the sequence of payouts from Africa vs Europe. However, it seems that both processes are

Wolfgang Felix10 January 2022STEINHOFF

CGG - comments

Having affirmed its guidance at the Q321 announcement in November there were no major surprises in the full year Trading Statement issued

Aengus McMahon10 January 2022CGG

Adler/Aggregate - Having the cake and eating it?

Please refer to our unchanged analysis of Adler here.

Like everyone else, we have been surprised by the Caner acquisition of Adler shares. Unlike everyone else, we like it. The market is

Wolfgang Felix10 January 2022ADLER, AGGREGATE

Lowen Play - The only deal in town

Please find our unchanged model here.

Is the Lowen Play deal a good one for bondholders? The truth is it is the only deal possible. It is a self-help deal and bondholders are taking (nearly) all of the economics. Bondholders are

Tomás Mannion6 January 2022LOEWEN

Haya - Comments

Although the Company has not confirmed, it appears that Unicaja bank has terminated Haya’s contract with Liberbank. Press reports state that

Tomás Mannion6 January 2022HAYA