Stonegate reported FY22 numbers (to September 22) yesterday, roughly in line with our own projections. Leased and tenants performed in line with Managed and Operated outperforming, albeit offset by
Read MorePress speculation over the weekend referred to Asda and EG Group owners exploring the merger of the two businesses which would result in a retail giant with
Read MoreThe reduced leverage of €200m on the UK assets is welcome but begs the question if this reflects lower value in those assets and if bonds only got
Read MoreSimilar to its sister Company, Altice International, SFR Altice France launched an amend and extend last night. However, the relative cost to extend is
Read MoreOrpea released a statement last night stating the negotiations between a consortium of potential new equity providers and a group of unsecured creditors have
Read MoreIn a slight reshuffle of steps, we are seeing Frigoglass tap €10m of Super Sr. Bridge Notes before issuing the New Super Sr. Notes that are then supposed to refinance the bridge. It’ll mean a
Read MorePlease find our updated analysis of Matalan here.
While we are still chasing unexplained cash outflows of £30m in Q4, we are comfortable with the retailer’s overall position and the future economics we have lined up for. Quoted prices for the bonds today are net of value that has been attached to other notes, but
Read MoreThe company announced the sale of 38m shares in Pepco this morning, which were placed at PLN 38.95 per share. Following the transaction,
Read MoreOcado Retail (the JV between Ocado and M&S) released a trading statement highlighting an increase in number of customers but lower frequency and
Read MoreIn so far as Adler’s inability to attract an auditor is rooted in its continued refusal to provide large swathes of the 800k emails it withheld from
Read MorePlease find our unchanged analysis here. An update will follow shortly.
As per this morning, there was nothing in the release that would have changed our view today - nor the way we would like to be positioned. We are not sure why the release comes so late - today being the last day and there seems to be plenty of confusion in the market as to which
Read MoreWith Q3 results due on 25th January, there is an increasing number of press articles cropping up. The main theme of the articles refers to the high-order book but
Read MoreAmigo are looking for a friend. Anyone wishing to underwrite the capital increase of Amigo should reach out to
Read MoreQuite some detail has of course been leaked already, but we are at this time still eagerly awaiting the company’s cleansing statement. On Friday, quotes for
Read MorePepco revealed Q123 (calendar Q422) constant currency revenue growth of over 40% (excl. Poundland), half through LfL growth and half through store growth - the latter
Read MorePlease find our updated analysis here.
We are not ready to invest in the Boparan 7.625% SSNs. On the positive side, Boparan has reset its previously fractious relationship with the supermarkets and feed prices are now subject to ratchets to pass through the cost to the supermarkets. Also, we are
Read MoreThe CMA decision to instigate an in-depth probe into the 2 Sisters/ForFarmers merger doesn’t move the needle for Boparan. Benefits from
Read MoreThe CMA will watch price moves at the 80 stations it has ordered CD&R to sell. The scrutiny will not be enough to hurt group performance significantly but
Read MoreThe slowdown in the expected electrification of vehicles manufactured in the UK is unlikely to impact Aston Martin’s plans. However, less
Read MoreFirst of the grocers, Sainsbury’s, reported this morning. It is a difficult narrative for the grocers to tread with profitability likely to rise in the current inflationary environment. Top-line sales have risen but by less than the headline food inflation, which
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