Please find our unchanged analysis here.
The Fuerst project and its sale to Aggregate Holdings have enmeshed Vivion in the clouds over German Real Estate. Post its year-end Vivion moved to put further distance between itself and Aggregate Holdings. Vivion’s bonds are paying a price for the delays in getting the Fuerst cash. Vivion's bonds will
Read MorePlease refer to our updated analysis here.
At the back end of 2022, we sat up and took notice as the level of E&P Capex finally began to recover from its Covid impacted lows. Our uplift was modest, as increased exploration has been a contentious point from a sustainability perspective for a few years. However,
Read MoreUpfield hold their Q1 call later this afternoon after the release of their numbers yesterday evening. The trend continues of higher prices achieved, but at the cost of l
Read MoreDouglas reported results that were mildly below our expectations, but overall very much in line. Management have stated that German footfall has improved “a lot” since the
Read MoreAggregate have received the requisite approval to extend the VIC convertibles to September. This removes a major uncertainty in the short term and for the next weeks puts the focus
Read MoreWe continue to observe rising prices for supermarket chicken. While our personal household data may be anecdotal, it is clear that the same chicken we have been buying from our supermarket has gone from £3.50 last year, to £3.80 in February and has since risen through £4.00 and £4.20 to its current price of £4.40. Sequential price rises of 5% are practically a monthly feature. Interestingly now, we have been offered a volume promotion. Presumably,
Read MoreThe next phase of the Amigo restructuring plan can proceed after the High Court approved Amigo 2.0 yesterday. The FCA has given Amigo nine months to
Read MoreThe company faces the next fence in the process of relaunching as a lender on 23/24th May in the High Court. Amigo 2.0 is the preferred option of management and has creditor support. The
Read MorePlease find our slightly updated analysis of Matalan here.
The retailer has done phenomenally well in the last year to turn around its business from the lows of 2020 lockdowns. However, now that the market is indiscriminately looking to short or exit all retailers, its natural competitive inflation hedge counts for little. Just as
Read MoreWe’ve introduced a new feature on the service called “Risk Summaries”. Once you log in you will notice it on the right under “Risk Summaries”, divided by “Yield” and “Event-Driven” as per the image below. Please click on the plus sign to read the summary.
We are always open to feedback, suggestions on coverage and new features. Just send us an email or reach out by phone.
Read MoreMain takeaway from Vallourec’s Q1 release last night is the emphatic statement that FY22 EBITDA now expected to be significantly above FY21, despite the mine shut down in Q1. The mine has restarted operations on May 4th, with restrictions for a
Read MoreQ1 results today show an ICM division with EBITDA “stabilising” just above zero and a Glass division making up for half the drop. More importantly, however, the company has engaged advisors to “review financial and strategic options to improve the capital structure”. Whatever that means…
Read MoreWe are overdue for an update on Aggregate. Events are coming thick and fast as the stricken developer has to sell its Crown Jewels to concentrate on those early-stage assets it
Read MoreIn the last year, CMA CGM has done its best to position itself as a French industrial champion. CMA moved its tax domicile to France, froze spot rates and has now publically promised to become a shareholder in Air France as part of a deal to combine air freight operations in a 10-year exclusive commercial partnership. The freight cooperation agreement will transform
Read MorePlease find our only slightly amended analysis here.
What in light of this week’s Bundestag enquiry was supposed to be a PR exercise on Adler’s corporate governance predictably turned out to be entirely focused on valuations, structure and liquidity. Eventually, though, the real news only came from KPMG in the afternoon. Three points are having an impact:
Read MorePlease find our unchanged analysis here.
Widely reported in the French press and confirmed by the Company themselves, Casino has commenced a sales process to sell its GreenYellow division. Casino has mandated Rothschild, with Natixis, BNP Paribas Credit Agricole and HSBC reportedly sending out
Read MorePlease find our unchanged analysis here.
There was a moment during the pandemic, where Stena’s fine print and legal structure had come into view. Oil had slumped and the virus was about. Never again would we need those drillships. Ferries were being replaced with Zoom. Bulk and LNG were strong, but
Read MorePlease find our unchanged analysis here.
Steinhoff continues to do very well and of course the IPO of Mattress Firm should provide the next event for investors. With concerns about the web of intercompany relationships somewhat giving way to a broader discussion, however, about what to do with the
Read MorePlease find our unchanged analysis here.
Jaguar LandRover reported their Q4 and FY22 numbers yesterday with no surprises. Jaguar LandRover management has a good reputation for guiding the market and with its significant liquidity, there are no short term concerns for JLR. Our focus isn’t on the
Read More
