Please find our unchanged analysis here.
We have disliked the governance structure at Accentro from before the bond rescheduling, which has changed little in terms of the opaque nature of the business. Accentro needs to communicate its investment rationales to its debt and equity investors.
Read MoreAir France-KLM today reiterated they are interested in joining the M&A process for TAP - if the format is right. The French/Dutch carrier, however,
Read MoreCGG’s Q123 operating cash flow was in line with our model. Lower than-expected investing cash flows also meant that FCF was positive ($4m) vs -$10m in our
Read MoreAs always, Casino’s Q1 release raises as many questions as it answers. Casino reported very weak Q1 sales, with EBITDA weaker, due to operational leverage. Even Monoprix and
Read MorePlease find our marginally altered analysis here.
United Group (UG) generated enough cash to repay the 2024/2025 bond maturities by selling its tower's business. The €476m PIYC notes are the next maturity, in Nov-25. Management will have to find a way to deal with the subordinate notes. We expect them to be refinanced, or tendered for at a premium to today's price. The question is when.
Read MoreNidda has now completed its amend and extend exercise, and between the term loan and cash on hand, the remaining €400m of 3.5% of 24 SSNs can be
Read MoreKAC continue to make progress in completing its Saipem Onshore drilling acquisition, announcing today the conclusion of another 44 rigs from
Read MoreA £48m increase in inventory impacted Q1 working capital, but given >£400m of liquidity, the outflow doesn't change our view that AM is fully funded. After the supply chain issues
Read MoreTAP have published their audited FY22 results on Friday night. Q4 results had previously been published and presented in March and otherwise
Read MoreStandard Profil reported their Q4 and FY22 numbers over the weekend and will hold their conference call on Thursday at 1 pm UK time. The main headline
Read MoreWe have been looking through this consent solicitation in our recent analysis and our view remains intact. The solicitation under German WpHG comes 55% pre-agreed, as the
Read MoreAMS Osram has just concluded its conference call of its Q1 2023 results, but there was no change in tone and outlook despite the new CEO speaking. As we have modelled,
Read MoreTullow and Perenco have agreed to swap certain assets within Gabon for nil consideration and no impact on FY23 production. In essence, Tullow is reducing to
Read MoreBluewater shopping centre, owned by a consortium including LandSec, M&G Real Estate, Royal London and Aberdeen Standard Investments have applied to the
Read MoreAMS Osram published their Annual Report yesterday, however there is no significant additional information bar what was already reported in their
Read MoreAlmost a side-show for us is that the weak collections environment in Q123 has exposed the high centralised cost base the company built up since 2020
Read MoreSFR Altice France was downgraded by one notch by S&P yesterday, at both levels, to B- and CCC respectively. As shown in our model, we expect intense
Read MoreS&P confirmed Altice International's ratings at B, moving from a negative outlook to stable. Altice International has performed in line with our expectations. Similar to our model
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