Steinhoff - comment

Today is Steinhoff’s settlement effective date. The company today set the date of May 15th as deadline to register Market

Wolfgang Felix15 February 2022STEINHOFF

Adler - comment

The news this morning that the Landesgericht Berlin court has ordered Fraser Perring to delete certain passages from its Adler report (but

Wolfgang Felix15 February 2022ADLER

KME – Toasting the feet

Please find our slightly amended analysis here.

Since the completion of the sale of 55% of the Specials business, Bondholders have been hoping for much of the cash to come their way. KME's banks have now

Aengus McMahon14 February 2022KME

Frigoglass - from the frying pan

Please find our only slightly amended analysis of Frigoglass here. We have merely re-phased the insurance payments and CapEx this year.
We had been looking relatively favourably upon the insurance protection since the first €15m had been paid out so timely. The news on Thursday, however,

Wolfgang Felix14 February 2022FRIGOGLASS

Adler / Aggregate - A Change of Heart?

All,

Please refer to our unchanged Adler analysis here and Aggregate analysis here.

Maybe we did not see the Aggregate news in quite the right light the other day. While Aggregate have nothing in Germany for Bafin to go after, Adler of course do. Even the

Wolfgang Felix11 February 2022ADLER, AGREGGATE

WFS – Au revoir.

Please find our unchanged analysis here.

Cargo handling is a highly cyclical industry. While WFS had a good pandemic, we may well be back looking at this business in the future, as generating sufficient

Aengus McMahon11 February 2022WFS

Iceland - inflationary pressures

Please find our updated model on Iceland here.
Iceland, with its well-signposted cost pressures combined with the impact on the business of a return to the (hopefully) pre-covid world, ensures that it remains a very topical name. There are several

Tomás Mannion11 February 2022ICELAND

Amigo - comment

The appointment of administrators to yet another competitor in the guarantor loan space underlines the challenges in the sector. There is no

Aengus McMahon11 February 2022AMIGO

Casino/Rallye - comment

Casino’s main shareholder, Jean-Charles Naouri, is in the process of getting divorced from his wife since December and have been living

Aengus McMahon11 February 2022CASINO

OHLA - comment

The filing of a formal agreement on collaboration between OHLA and the family business of its largest shareholder with the CNMV is a potentially

Aengus McMahon10 February 2022OHLA

Aggregate - Cleansing of the untouchables

While certain short-seller reports have flamboyantly alleged all kinds of fraud, it was never about the legal. So the news that independent report by Hogan Lovells clears Aggregate of all Viceroy Allegations” need to be viewed in context, as the

Wolfgang Felix9 February 2022AGREGGATE

Corestate - comment

The two former Aggregate Financial Services employees, Johannes Märklin and Sebastian Ernst, were dismissed from the Board of Corestate and have left

Tomás Mannion9 February 2022CORESTATE

OHLA - comment

Inflationary pressure in material and labour costs is prompting action in the US and EU from contracting agencies to support builders. This will benefit

Aengus McMahon9 February 2022OHLA

Frigoglass - A matter of timing

Please find our new analysis of Frigoglass here.

While we still have some open questions, we feel we have substantially concluded on our view of Frigoglass. Following the fire at its Romanian plant last summer, the company has

Wolfgang Felix7 February 2022FRIGOGLASS

AMIGO - comment

The publication of various key court dates for Amigo’s Scheme of Arrangement provides the crunch dates for the company and bondholders. The Court Sanction meeting will

Aengus McMahon7 February 2022AMIGO

OHLA - comment

After the successful settlement of the Cemenosa litigation, OHLA is allocating some of the cash to buy back bonds and repay debt. We will

Aengus McMahon7 February 2022OHLA

TAP - comment

TAP are about to close the €360m loan lead by Caixa Geral and Santander. The loan will be syndicated entirely to Portuguese banks they would

Wolfgang Felix4 February 2022TAP

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