As we approach the new “transformation plan” by Orpea’s new management on 15th November, we expect numerous press articles from all parties manoeuvring their viewpoint into the public domain. Today in the press is the turn of the two recent
Read MoreAs discussed with some of you recently, Adler have been likely to try to monetise their holding of Brack as part of efforts to raise cash at ARE level so as to keep the
Read MoreGPA is holding a conference call after their Q3 results, which were released last night. At first glance the numbers are strong with top-line sales growing
Read Moreceland reported their Q2 numbers for 12 weeks to 9th September this morning, beating our expectations. Underlying Gross Profit (ex increase in energy costs) margin
Read MoreOur first look at Aston Martin’s results for Q322 vindicates our decision to be cautious about the unwinding of working capital indicated by management on the
Read MoreIceland will report their Q2 numbers tomorrow, the 12 weeks ending 9th September. Recent Kantar and Nielsen data point to Iceland growing slightly ahead of
Read MoreWhilst Ocado’s new deal with Korean partner Lotte will only move the cash flow needle modestly, the successful landing of a signing of a new customer in the International business lifts a weight from the bonds and equity. Management has now
Read MoreThe flirtation of Britishvolt with Administration is a blessing in disguise for Aston Martin as it should help steer the company away from the expense and risk of
Read More2 Agriculture’s proposed merger with ForFarmers UK would hamper the ability to cross-subsidise feed prices from the Boparan family to the Boparan group. However,
Read MorePlease find our updated analysis here.
Boparan continues to recover feed inflation both current and past. This latter phasing has meant that delays in the recovery of higher energy and fuel costs have not prevented the improvement in margins. Supermarkets remain supportive but are not passive with
Read MoreThe German government has found that it will be earning an extra surplus of €126 bn between now and 2026 compared to its most recent estimate
Read MoreTwo French investors have entered into a concerted agreement to acquire 5.5% of Orpea stock. Nextstone Capital and Mat Immo Beaune filled on Thursday stating they have t
Read MoreCasino announced the tender for their Jan 23 bonds this morning, tendering at par funded with the money already allocated in the segregated account. This is not
Read MoreThe debt collector reported Q3 figures today, but the more interesting part from our point of view was slide 7 (below). While we may not be going through
Read MoreAccording to German market research firm GFK, their widely tracked survey concluded that Consumer Confidence has not deteriorated further in
Read MoreAs always with Casino, a lot to digest with their results released this morning. Firstly, they would NOT have breached their covenants in September even if they
Read MorePlease find our unchanged analysis here.
Finally, the Company has spoken after the bonds and shares were suspended by the AMF earlier in the week. Very little detailed information has been released, but management have acknowledged that they are likely to pursue a debt-for-equity swap in order to
Read MoreThe company today announced receipt of consents by the requisite super-majority of SSN holders and, accordingly, the extension of the bonds by
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