CMA CGM - comment

CMA CGM continues to find ways to utilize its cash with a €280m deal to acquire a last-mile B2C business in France bolstering Ceva. CMA CGM is

Aengus McMahon4 February 2022CMA CGM

Steinhoff - Considering the options

Please refer to our updated and simplified - post-Grand Settlement - analysis here.

Steinhoff are at a new cross roads. We’ve dropped out all the Grand Settlement clutter and, with a little extra visibility, have come to a simplified recap model we’ve

Wolfgang Felix3 February 2022STEINHOFF

Boparan - comment

The competition authority in the UK (CMA) is contemplating a phase 2 inquiry into the Boparan family office acquisition of poultry farming and

Aengus McMahon3 February 2022BOPARAN

Saipem - comment

Saipem released a profit warning on Monday after a review of their backlog of contracts. The ongoing pandemic and increase in cost of raw materials and logistics seems to have led to a write-off, reducing Saipem’s

Tomás Mannion2 February 2022SAIPEM, GENERAL

Jaguar LandRover - transition time

Please find our unchanged model here. We will update our model over the coming days.

Liquidity can fix a lot of problems. With over £4.5bn of cash and £2bn of undrawn facilities and gross debt of £8bn spread over the next 8 years, there are no

Tomás Mannion1 February 2022JAGUAR LAND ROVER

Aggregate - comment

Aggregate had a group of 10 investors in Portugal on Friday and are giving themselves confident that the new funding will come together - including

Wolfgang Felix1 February 2022AGREGGATE

Casino - Waiting for Naouri

Please find our unchanged model here. We will update the model post the release of Q4 numbers due on 25th February.

Late on Friday evening, Casino released a statement that caught the markets off guard. Casino is starting 2022 with another profit warning. We had

Tomás Mannion31 January 2022CASINO

Vivion - Colour on Adler/Aggregate

Please refer to our unchanged analysis here.

Amid a lot of market confusion surrounding his deal with Aggregate, Amir Dayan understands his and Aggregate’s positions perfectly well and while

Wolfgang Felix28 January 2022VIVION, ADLER, AGGREGATE

Adler - Vice vs. Value - Positioning

Please refer to our unchanged analysis of Adler here.

As the shares are plunging right through the €9.50 mark, we are reminded of the Debt Free mail we sent the other day. We have been waiting for

Wolfgang Felix28 January 2022ADLER

Amigo - comment

Danny Malone’s decision to join the board ahead of the scheme of arrangement is another sign of confidence in the success of the restructuring.

He is not only

Aengus McMahon28 January 2022AMIGO

Steinhoff - comment

Steinhoff is settling into a routine. This morning we have received the 2021 Annual Report without delay, on the day advertised. Of course, we have

Wolfgang Felix28 January 2022STEINHOFF

Amigo Loans - The unlikely letter of non-objection

Please find our unchanged analysis here.

The FCA’s public consultation document on its proposed guidelines largely reiterates the position the regulator has taken throughout the Amigo process. But it contains one key element: The

Wolfgang Felix26 January 2022AMIGO

Tullow - Turning into a boring company?

Please find our unchanged analysis here.

Listening to the trading update conference call you wouldn’t guess that Tullow had a near-death experience last year. Tullow has benefited from the rise in oil prices but

Tomás Mannion26 January 2022TULLOW

Standard Profil - comment

Hyundai released a positive outlook statement, increasing their production guidance due to expecting the global chip shortages to

Tomás Mannion25 January 2022STANDARD PROFIL

KCA Deutag - comment

Further positive news from KCA Deutag this morning confirming our recovery thesis. KCA Deutag has entered into

Tomás Mannion25 January 2022KCA Deutag

Codere - comment

New Company, New CFO: Codere exited the restructuring in November establishing a new holding company. Today they announced a

Tomás Mannion25 January 2022CODERE

Orpea - comment

Orpea, the French listed European nursing home, suspended its shares yesterday on the back of revelations from a book alleging malpractice. Orpea

Tomás Mannion25 January 2022ORPEA, GENERAL

Haya - Reality of bargaining power confirmed

Please find our unchanged analysis here.

Bondholders have a decision to make as Cinco Dias claim a Haya deal has been reached. Details are not finalised but appear to be

Tomás Mannion25 January 2022HAYA

Amigo Loans – Jockeying for the backstop

Please find our analysis here, including a small model for Amigo 2.0.

The announcement from Amigo today has little direct impact on bondholders. Today’s announcement puts existing shareholders on notice that Amigo will

Aengus McMahon25 January 2022AMIGO

Steinhoff - comment

The Western Cape High Court has today approved Steinhoff’s settlement proposal, which means it can begin paying out accordingly. The Settlement Effective Date has

Wolfgang Felix24 January 2022STEINHOFF