Following its recent share placement, the company has now redeemed the 2025 bonds, which it created last year in the context of its restructuring. This puts Intralot
Read MoreThe company released another cryptic communication this morning that it had sold two Frankfurt assets for proceeds of €166m, but failed to
Read MoreA 5% shareholder in Capricorn has called on Capricorn management to call off the proposed merger with Tullow. The merger is seen as a
Read MoreWe have recently focused on Aston Martin and its wrestling with supply chain issues in the first half of the year. However, we noted that Aston’s order book has been strong. Further evidence that those that can afford supercars are not cutting back yet was in Ferrari’s results. Ferarri, one of Aston’s key competitors, saw
Read MoreFollowing Bafin’s decision to declare fault over the Gerresheimer valuation, LEG have declared they will not be taking up their option to buy the remainder
Read MoreSokrates Kokkalis has been seen to be consolidating his holdings more directly in his name from 28% to 32%. This should have
Read MorePress reports cite progress has been made on the farm down process of the Kenyan operations. Any farm down will likely involve the
Read MorePlease find our unchanged analysis here.
For two years we have been either short or looking to short Atalian. Despite being sceptical about Atalian’s ability to attract minority equity, we weren’t short when the market at large dropped in February. But at least we weren’t short last week when the Julien family went one step further and sold the entire business. CD&R is acquiring the Atalian with a target of completing by the end of 2022. When the deal is done Atalian will buy back its bonds. CD&R has simultaneously agreed to buy OCS (another cleaning company) and the two will be folded together. As a farewell, we have a look at what the combined business may look like before any adjustments.
Please find our unchanged analysis here.
KME (Aengus) – Having completed the purchase of flat-rolled products from Aurubis. KME continues to accumulate copper assets. Does KME see a shift in business focus facilitating it's staying in the game? KME has €110m of bonds and a fully drawn €320m borrowing base facility to refinance in the next 6 months, how will it get leverage over bondholders to roll their exposure or additional security to offer the banks? We look at the changing nature of the business and the balance sheet moves for evidence that the risk is moving. However, as there is only a stub of bonds left outstanding, the ability to participate in the name is very limited for now.
Read MorePlease find our unchanged analysis here.
We have already altered our stance on CGG for 2023 once this year. Due to the changing economic environment for CGG, we adjusted our cash flow forecast. The levers behind that change in view are still very much in play. There is more to CGG than changes in customer budgeting and this will impact the pace of change in the current environment.
Read MoreGermany’s retail sales have dropped dramatically in June. Real turnover dropped further by -1.6% MoM to -8.8% YoY. Within that, food is down by the same amount MoM and a staggering -7.2% YoY - possibly due to the 11.9% inflation in that category, but
Read MoreBafin have continued their process on a very narrow path, having found Adler guilty of making a “mistake” in the 2019 accounts wrt. the valuation of the Gerresheimer asset. This alone does not formally invalidate the accounts, but it could yet send r
Read MoreManagement held an analyst call on Friday, but in our opinion failed to deliver any new worthwhile information or detail - in particular with regards to intercompany
Read MoreFollowing the re-purchase of the equity in Inc., Intralot are refinancing the US bond with a term Loan, a structure that looks altogether more v
Read MorePlease find our unchanged analysis here.
The announcement by Aston Martin (AML) of a £575m rights issue last week has overshadowed the H122 results published today. We had questioned the timing of the capital raise, and the H1 numbers support our view on liquidity. We do not believe that AML will
Read MoreOrpea took the first small steps in asset sales, by selling 32 retirement homes in the Netherlands for c. €125m. This is an outright sale and not one of the anticipated
Read MorePlease find our Vallourec model here. We will update the model further when Vallourec post their full H1 numbers in August.
Can Vallourec do a refinancing prior to completion of the cost savings? Vallourec’s Q1 results came with a large asterisk attached and Q2 is similar. However, alongside the fact that
And finally, the sale has been announced. Casino have managed to sell GreenYellow, for €1.4bn enterprise value, with c.€1.1bn equity. Casino owns 72%. Casino net proceeds will be €600m after Casino reinvests a further €165m into the Company.
Read MoreWe had expected the formal announcement of an equity injection for Atalian along with the 1H22 results today, but Atalian has gone one step further. C&R is acquiring the entire business with a completion target of the end of 2022. On completion,
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