Equity issuance dominated the questions on the Atalian 22Q1 conference call. Management did say it has signed an NDA with a financial partner but would say little more. Completion of the exercise may not
Read MorePlease find our slightly altered analysis here.
Bond investors have been promised a deleveraging transaction along the lines proposed by management back in 2018. However, with bond yields at 12% there is significant scepticism about the level of deleveraging and potential success of the exercise. The odds of
Read MorePlease find our unchanged analysis here.
So despite the intense media coverage of Adler since October last year, there still seems to be a significant information asymmetry among market participants. KPMG on Friday turned out to have left their report open to interpretation as the forensic division had failed to
Read MorePlease find our updated analysis here.
As per original thesis, the restructuring has taken place behind the bonds, leaving investors untouched, safe for some covenant holidays. Moreover, RPK have returned more rapidly than we had dared to assume, which is lucky for us. From here, the outlook must take into account
Read MorePartially expected, but nice to have it confirmed, KCA Deutag continues to win extensions to its existing contracts, with this morning’s announcement relating to their middle east Land Drilling business. In total, the Company announced contract
Read MoreWho sent our analysis to KPMG? The €412m of value adjustments and €600-700m total are shockingly precisely the figures on our page two - even if we then subtracted goodwill as well. But we have to concede that we arrived at those valuations on slightly different assets… Still, while the
Read MorePlease find our unchanged analysis here.
As is typical with Casino results we are left with more questions than answers. Despite some sequential improvement, Q1 22 sales are weaker YoY and with inflation running at 3% in food retail in France, those numbers are uninspiring. The great conjurer then has
Read MorePepco have put forward an overall strong set of results, despite the uninspired stock market reaction. Restrictions have now been lifted in most of its markets and growth - both on a
Read MorePlease find our unchanged analysis on Adler here.
Please find our unchanged analysis on Aggregate here.
Please find our unchanged analysis on Accentro here.
Please find our unchanged analysis on Vivion here.
As we are headed for a set of major events starting this weekend with KPMG’s Special Audit, it is perhaps worth summarising our view, our risk assessment and ultimately our positioning in the
Read MoreCGG has further improved its liquidity with the completion of the sale and leaseback of its HQ building in Massy to the south of Paris. The building
Read MoreFurther management changes at Vallourec were announced this morning, with a new CFO appointed. Mr Sacha Bibert, who was previously CFO of the
Read MoreCnova reported another set of poor numbers this morning. Has Casino missed the boat in realising value for this asset? Cnova’s quarterly sales numbers are
Read MoreAs part of our ongoing effort to improve our communication, we have begun making the pdf files of our analysis available to you also via Bloomberg.
Note, that these files are available and visible only to clients. We hope you
Read MorePlease find our unchanged Casino analysis here.
Casino are due to report their Q1 sales and covenant calculations on April 22nd. We have been observing Casino’s recent transactions in Mercialys shares and a number of you have been enquiring about its impact on covenants. In the past, Casino held
Read MoreThe material released so far contain a page worth of words regarding the Russian situation and two lines in particular reading cryptically: "Following the
Read More