Yesterday saw renewed press speculation about the GreenYellow sales process with Ardian, the latest investment fund, rumoured to have submitted a preliminary bid. This confirms earlier speculation that it is
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Please find our updated analysis here.
Accentro has sought to shift its strategy, ostensibly to reflect changes in German housing legislation. It has moved from being a nicely dull refurbisher and seller of apartments mainly in Berlin, to large-scale reconstruction of stressed rental assets in eastern German cities. Yet we struggle to shed the idea that Accentro may only have been a passive player in its acquisitions and that its size and shape today may not be the result of ordinary in-house corporate strategy. While bondholders are primarily concerned with asset value - we have made only minor adjustments to our previous valuations - implications from the aforementioned concern - if true - would be complicating matters.
Read MorePlease find our unchanged analysis here.
The announcement of a proposed Tullow/Capricorn merger earlier this month provided Tullow debt investors with some relief in the current market malaise. There is no doubt there will be instant deleveraging of the Tullow balance sheet on the completion of the deal expected in Q4. However, recent speculation has raised the possibility of the deal not completing, or at least not on the current terms.
Read MoreGerman Residential Real Estate valuations (as bellwether for European) continue to divide markets. The two arguments run as follows:
RE experts: Inflation allows
Read MoreOrpea announced the conclusion and approval of conciliation protocol with its banking Group. This enables the drawdown of an additional €250m facility. However, in return for its approval, the Banks have effectively taken security over any proceeds from
Read MoreVonovia CFO Grosse commented to the German newspaper Börsenzeitung that Vonovia would make no capital contributions and would even consider selling its current stake in the equity of Adler (24% of shares). While he reiterated
Read MorePepco’s H1 results had been previously sketched out, but the report contains some colour on how trading is going for the discounter. Unsurprisingly the report is very upbeat and management have raised
Read MoreWith the deadline for preliminary bids for GreenYellow set for mid-June, press speculation is rife over the number and type of bidders that is emerging for GreenYellow. Initially, yesterday morning a negative news story was released from BFM TV stating that industry players are
Read MorePlease find our amended analysis here.
Two issues define how we are modelling the future of Aston Martin: a) Recent comments by Aston Martin on an electric power unit and the relationship with AMG warrant another look at the technology transfer agreement between the two. b) Aston Martin is launching three new GT/Sport models in 2023, these are new rather than mid-life facelifts, which brings execution risk. We are
Read MoreINTUS SGS reported its monthly figures for April, which continue to show improving footfall at the centres, with 87% on average across all four centres compared with 2019. More importantly, tenant sales were 89% of April 2019 levels, up from 84% recorded in March. Obviously, inflation is
Read MoreAmigo announced a couple of board appointments that are signposting its move from looking backwards to looking forward to implementing its new business plan. Amigo has
Read MoreSpeculation about Lufthansa taking a strategic stake in TAP are not ending. This is of course very much in line with our view of the situation, but has only yesterday been
Read MorePlease find our unchanged analysis here.
When the subject of x-guarantees initially moved into focus, we went back through all publications since the merger to try and identify which loans could be guaranteed by ARE and ADO for instance, potentially leading to a double-dip and to alterations in recovery at one or the other end. Since some of you have been asking and the company did not comment further on questions in this direction, we have refreshed that work and to our surprise, find that we interpret some things differently today.
Read MoreBy recent standards, the company had a rather uneventful call today. No news were really expected and none were given. The unwind of the Partners Immobilien transaction had previously been signalled, so
Read MoreTAP’s quarterly report for the first three months of the year showed the continued strengthening of the carrier. The March data is somewhat difficult to interpret as the company’s pre-pandemic quarterly disclosure has
Read MorePepkor have published their quarterly results to March. The results however have been recently overshadowed by a flood in Durban in early May that heavily damaged a distribution centre. As such the quarterlies, which date back to
Read MoreWe have heard and are now reading in the press that GS are about with a proposal to refinance the bonds. The proposal appears to involve an
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