Following the announcement last week of further equity stake sales in Assai, Casino launched today the sales proceeds for 174m shares in Assai (c.€500m) which may be upsized by
Read MoreWe have clarified with the Company that there are no restrictions currently on the Company buying back the 2026 bonds, given its current leverage stats. Additionally,
Read MoreOrpea have reached their long stop date of 10th March, and as of that date, 51% of unsecured creditors have acceded to the restructuring plan. Therefore, as planned,
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We will update our model over the day, but our initial thoughts are despite three announcements this week are that we are all still left with more questions than answers. Casino are proposing the transfer of assets into a new entity, but they haven’t clarified
Read MoreAmigo is a step closer to winding up after admitting that it will unlikely succeed in raising £45m in equity required to meet the terms of its Scheme of Arrangement (SoA). The £21m in
Read MoreFollowing on from Monday’s announcement, Orpea’s banking group have an agreement in principle relating to additional financing for Orpea. These include an
Read MorePre the release of their FY22 numbers on Friday, Casino announced they are examining the potential to sell a further $600m of their stake in Assai. This is a
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Initial reaction is one of disappointment as we genuinely expected the Company to have purchased back some bonds. Leverage and overall performance are in line with
Read MoreAmigo’s General Meeting today allows shareholders to vent their frustration, and management to explain their solution (the capital raise). There are no
Read MoreYesterday’s deal sees the family take 15% instead of a high single-digit number as we previously thought. For reasons we’ve previously outlined, we think that
Read MoreFrench grocery firms including Carrefour, Intermarché and Système U supermarkets have all recently announced freezing in the prices of essential daily products in an attempt to
Read MoreOrpea’s main banking partners, the providers of additional financing, have aligned with the proposed restructuring plan of the Company, namely making it a condition that the
Read MoreStada’s Q422 results were strong, beating our top-line expectations. Gross margin was in line with our model, but higher operating costs in Q4 crimped EBITDA margins relative to our forecast. We will raise the reasons for the
Read MoreAs we embark on our exciting next growth phase we would like to announce two new hires.
Sarria strengthens its analyst team with the hire of Edward Lewisohn. Ed will assist in expanding our coverage up the quality curve into the more event driven and opportunistic space. This will compliment the deep dive analysis the team will continue to produce in the special situations and distressed space.
Read MoreCGG results yesterday beat our expectations. DDE performed mostly as expected, but underlying segment revenue from SMO
Read MoreAMS Osram have completed the disposal of its Clay Paky entertainment lighting business to ARRI AG. This is inline with AMS Osram’s strategy for divestment of non-core assets following
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Vallourec reported strong numbers this morning backing up the 10% YTD increase in their share price this year. They have beaten our estimates for FY22 and with consensus
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