Q2 is always a dampener for Douglas, due to relatively slow business following the annual winter binge and thus seasonally outflowing WC. The company, however, exceeded
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The EG purchase has been done and looks better than we expected. Out-of-the-box leverage in the combined entity is 4.3x. The debt portion of the
Read MoreCMA CGM buying La Tribune is small beer in terms of the cost, but it underlines the determination to diversify away from logistics. The sums being spent so far are
Read MoreThe new DB12 was launched in Cannes last night, and the first customer deliveries of the DB12 will be in Q3 this year. The reviews from the auto industry will
Read MoreThe ASDA/EG UK group tie-up, looks likely to be structured as a purchase of EG’s UK and Irish forecourt business. The deal will require CMA approval, and the
Read MorePlease find our unchanged analysis here.
Ahead of its 23Q1 results on 26th May, we heard last week that Atalian has appointed advisors regarding debt refinancing in 2024 and 2025. These days there is not much equity value in the business, and we think there is still a downside to the bond price from
Read MoreLidl has increased it wages for its UK employees, highlighting the tightness in the labour market, despite the weak UK market. Lidl has increased its
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The Nanterre Commercial Court has extended the accelerated safeguard procedure for a further two months, until 24th July 2023. In addition, Orpea have
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23Q1 results were light vs our expectations, with construction revenue of €602m and total revenue of €638m. This weakness fed into EBITDA, which was
Read MoreAs per our last note, bondholders had little option but to give the developer more time to create wealth. Without mentioning concrete figures, Aggregate have
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Press reports from the BBC and others show that Tata Group are increasingly likely to pick the UK for their flagship electric car battery factory. The Chair of Tata Group, Natarajan Chandrasekaran is due to
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No particular news were expected in today’s Q123 results and none seem to have been delivered. We have received reasonably constructive guidance on
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Please find our updated model here.
We are trying to rearrange a call with Rekeep management, but in the meantime, we have updated our model for Q1 numbers. There is no change to our model from our previous and we remain comfortable with our 3% long position in the Rekeep Senior Secured Notes.
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Altice France released its Q1 2023 numbers yesterday, weaker than market expectations. We will update our model in the next couple of days, but although there was weakness in Q1, we remain confident for a stable EBITDA
Read MoreUK Supermarkets have long sought to push into household goods to improve margins. It isn’t always successful, and Asda is closing two
Read MoreThe F1 tie-up with Honda and Aston Martin F1 may not directly impact Aston Martin Lagonda (AML), but a more high-profile racing team
Read MoreThe closure of a facility by Avara underlines the warning about profitability made by Ranjit Boparan earlier this week. Fuel/ labour and commodity cost
Read MoreTullow are holding their AGM today (11 am) and released a short trading statement,in line with our model and Company guidance. Points to not
Read MoreOcado looks likely to exit the FTSE 100 index this week. Our analysis does not predict the need for an equity raise, but the process of tapping institutional
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