We’ve had a 40min discussion on Nidda this morning and have put the relating video on the website.
Read MoreCF Industries' decision to shut its ammonia plant at Billingham for an indeterminate period of time due to high natural gas prices has created yet another cost headache for the UK chicken processing industry (and others), highlighting the secondary effects from
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SGS (Formerly INTU SGS) provided their monthly commentary for the month of July, highlighting footfall across their estate was only 7% lower than pre-covid 2019 levels. However, on specific shopping centres levels, the differential is greater with the stronger bigger
Read MoreYesterday’s call has been uneventful - a welcome change for the company and investors alike. In brief, there have been no more operational disasters and the
Read MorePlease find our updated model here.
Standard Profil reports a 6.6x net leverage (or 8.8x pre- IFRS 5 EBITDA) leaving investors querying the next turn. The business has plenty of time with no maturity until 2025, amble time for the business to take advantage of its order book and in turn grow its EBITDA and cash generation. However,
Read MorePlease find our slightly updated analysis here.
The offering circular from Aston Martin (AML) earlier this week provided clarity on the timetable for the company’s upcoming Rights Issue. Having updated our model for the effects of the upcoming RI and buy-back, we preparing to position ourselves along a recently formed thesis.
Read MorePlease find our updated model on Casino here.
Despite sequentially improving sales figures, the Company requires access to liquidity and accordingly is coming at least close to facing a covenant impasse in the coming quarters, especially for Q3. The credit story of Casino remains the same - an
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The company reported a strong set of results today, even if corrected for a significant one-offs, mostly related to the restructuring of its Spanish business. German footfall is
Read MoreHalf Year results this morning confirmed the company’s stronger than modelled recovery. Recovery in particular also beat most European rivals as TAP have no
Read MoreIntrum are changing President and CEO. Anders Engdahl is stepping down and his roles are being taken over by Address Rubio on an interims basis. Anders has been
Read MoreThe X-holders have engaged Houlihan & Lokey to help Adler make the right decisions to stay out of insolvency / stay liquid. Now that
Read MoreSky News were reporting that in recent days another offer from Hargreaves to Matalan lenders has fallen flat. According to the newspaper, the offer may
Read MorePlease find our unchanged analysis here.
On the 31st of August, Accentro will publish its results for the first half of 2022 and have its AGM and perhaps Accentro’s minority shareholders will take the opportunity to enquire about what is going on at their company. The March 23 SUNs currently trade
Read MorePlease find our updated model on Upfield here.
We published an update note prior to the conference call yesterday, Despite the Company not taking our questions (and some other analysts) the mood of the call was substantially different to their Q1 call in May. As part of the conference call, Upfield management shed some additional
Read MoreDr Wolfgang Ollig, Global CFO of Stada, has died suddenly. Boris Dobler (VP of Global Financial Planning and Analysis) has temporarily
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With wage inflation and inflation in general never out of the headlines in the UK, there is renewed interest in Iceland over the last couple of weeks. And yesterday, Iceland hit the mainstream news offering Buy Now, Pay Later (BNPL) on groceries for
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