GPA continues the process of splitting the ownership of Exito from GPA, via share transfer. GPA currently holds 97% of Exito’s share capital, with the remainder listed in Colombia. GPA are going to distribute 86% of Exito shares directly to
Read MoreAnother quarterly sales update and it is rinse and repeat. Record order backlog, but struggle to convert them to sales due to chip shortages. There is some
Read MoreOur thesis for CGG remains unchanged, but the company had a better Q4 than we modelled due to higher-than-anticipated orders in the
Read MorePrecedent is playing out in Germany as the court of Charlottenburg has (tastefully) appointed KPMG as Auditor of Adler Real Estate. Since the
Read MoreA year after originally filing for an IPO, Mattress Firm have filed a withdrawal request. With the Steinhoff A&E / restructuring underway, the company has time to find
Read MoreOver the weekend there was press speculation surrounding the make-up of the equity post unsecured equitisation and subsequent rights issue. CDC (Caisse des Dépôts) reportedly wants to
Read MoreMorrisons is investing further in price cuts to try and shore its competitive position up. As a lever, price support has a finite life, however, we do not believe
Read MoreThe company confirmed sufficient agreement for the implementation of its A&E exercise from all but the SEAG A1s, who a falling short by only a few percent. That means agreement from
Read MoreKantar-related headlines yesterday focused on the 14% price inflation, and although December was the 2nd month that grocery price inflation has fallen, it still remains at 14%+ levels. Perhaps more important,
Read MoreThe potential challenge by the CMA to the merger of 2Agriculture and ForFarmers UK reflects the 40% - 60% market penetration in parts of the Northern UK. The merged entity will be
Read MoreOn what looks like slightly lower higher discounts, Takko’s gross profit is a mere €4m off expectations. Staff costs are as expected, as is rent. So EBITDA actually
Read MoreTap have performed their planned capital increase by the Portuguese state. The transaction amounts to a full write-off of the existing capital and the issue of new
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Please find our updated model here.
We initiated our long position in mid-August on the back of the Q2 numbers with a view to increasing the initial position over the following days/weeks. Unfortunately, due to an oversight, we never increased the position,. However, we remain confident in the
Read MorePlease find our unchanged analysis here.
We continue to avoid investing in Orpea Unsecured following yesterday’s press release from the Company regarding anticipated asset write-downs in audited financial accounts. Our estimate of asset valuation was c.€6bn so the confirmation from the Company
Read MorePlease find our unchanged analysis here.
Accentro is inching towards a deal but it is not yet across the line. The company has agreed on an extension of terms with 56% of the bonds. The extension gives Accentro time and the structure restricts the ability of management to fritter away more cash, but
Read MoreAdler announced yesterday that they failed to receive the required support on the 29s and are therefore looking to implement their plan via one of the
Read MoreKCA continue to win extensions and new contracts, today announcing $85m of award contracts and extensions in the Middle East, the majority of which is
Read MoreLast night’s Orpea's statement is a rude reminder of the issues facing the business. Orpea outlined further asset write-downs of between €5-5.4bn versus previous
Read MoreThe response from Vivion to the recent short-seller report rebuts the claims about the shareholder loans and the occupancy rates. We are currently going
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