Casino - Parallel valuations? (addendum)

Please find our unchanged analysis here.

So Casino have entered Conciliation sooner rather than later. Even though that gives the company less time to burn value before a restructuring, we are not

Tomás Mannion23 May 2023CASINO

Casino - Parallel valuations?

Please find our unchanged analysis here.

So Casino have entered Conciliation sooner rather than later. Even though that gives the company less time to burn value before a restructuring, we are not

Tomás Mannion23 May 2023CASINO

Boparan - Same song, different tune

Please find our unchanged analysis here.

Boparan is struggling to pass on non-feed costs and is about to be hit with falling prices. When Ranjit Boparan talks about strain in the supply chain, we listen, even if there is an element of talking his own book, some bad news is coming, and the

Aengus McMahon23 May 2023BOPARAN

Tullow - comment

Tullow has lost its partners in Kenya. Africa Oil and Total Energies have withdrawn from Kenya to focus on other areas of exploration, namely West Africa. Tullow’s working

Tomás Mannion23 May 2023TULLOW

Altice UK - comment

Altice UK, the related entity to Altice France and Altice International, has increased its stake in BT Group from 18% to 24.5%. Altice UK has restated its position to the board of BT that it does not intend to make an offer for BT. Drahi’s investment vehicle

Tomás Mannion23 May 2023ALTICE, ALTICE INTERNATIONAL

Upfield - refinancing ahead?

Please find our updated model here.

With just over 2yrs left until the maturity of the Term Loans, is it time for Upfield to focus its mind on refinancing? We commenced our analysis from

Tomás Mannion22 May 2023UPFIELD

Morrisons - comment

Amazon Prime’s increase in the minimum spend to qualify for free delivery from Morrisons is small in terms of direct impact, but it does indicate a direction of

Aengus McMahon22 May 2023MORRISONS, OCADO, ICELAND

Adler - comment

The RE 24s continue on their way to being taken out early, allowing the substitution of this capital on more attractive terms via the new money. The subsidiary

Wolfgang Felix22 May 2023ADLER

Punch - Conversion

Please find our updated analysis here.

Upon some further analysis of the latest financials and pub economics at large, we are becoming more constructive on the name and may end up taking a

Wolfgang Felix19 May 2023PUNCH

Aston Martin - comment

The deepening relationship between Geely and AML is a more important signal than the £94m of additional capital from new shares. Geely will now have a

Aengus McMahon18 May 2023ASTON MARTIN

Elior - comment

Elior is making progress on cost recovery, but the process isn’t quick. Our concern about Elior is the ability to achieve inflationary price rises. H1 was

Aengus McMahon17 May 2023ELIOR

Casino - comment

Casino has extended the solicitation period until 23rd May to seek consent from bondholders to enter conciliation proceedings and not

Tomás Mannion17 May 2023CASINO

Nidda - comment

Nidda beat our top-line forecast by €30m, generating €1,041m, and a Gross Margin of 46% was above our forecast. However, higher

Aengus McMahon17 May 2023NIDDA

Vallourec - comment

Vallourec continues on its path back to Investment Grade and it is its call constraint nature that is keeping the bonds at 8.5% yield. All metrics point to a return to

Tomás Mannion17 May 2023VALLOUREC

SBB - The wheels on the bus

Please find our updated analysis here.

SBB faces the same debt maturity issues as the rest of the Real Estate industry. Having gorged itself on cheap debt, SBB is now being squeezed by higher borrowing rates and lower valuations. For now, SBB has sufficient liquidity to continue financing its

Q1 ResultsAengus McMahon17 May 2023SBB

Standard Profil - no longer stuck in neutral

Please find our updated model here.

A short note following Standard Profil’s announcement last night, as we published after the Q4 results earlier this month. In line with our expectations that

Tomás Mannion16 May 2023STANDARD PROFIL

Altice International - trudging along

Please find our updated model here.

Altice International lives up to the label of stable cable Company. Following the amend and extend transaction, there are limited idiosyncratic risks to

Tomás Mannion16 May 2023ALTICE INTERNATIONAL

Amigo - comment

As Amigo winds its operations down, the resignation of CEO Danny Malone was to be expected. Having had the remaining

Aengus McMahon16 May 2023AMIGO

Punch - comment

We had expected a softer quarter for Punch and were still a little disappointed on Friday that Q2 revenue had not been strong enough to lift margins up. While that is

Wolfgang Felix15 May 2023PUNCH

Casino - comment

Our main takeaway from the CEO of Teract, Moez-Alexandre Zouari’s interview with Challenges, the weekly business magazine, is the apparent willingness to work alongside

Tomás Mannion15 May 2023CASINO