Tis done. The restructuring is complete - all the way to the next restructuring. Our analysis and model already reflect the new reality. The CVRs have been
Read MoreThis latest legal challenge from AutoStore, does not change our view on AML. Despite Ocado winning various cases in Europe and the US, AutoStore
Read MoreAston Martin (AML) adding Geely to its roster of Electric component suppliers will help manage development costs for the electrification of its fleet. Electrification of its fleet over the next seven years is an engineering challenge, so using existing
Read MoreThe same shareholders are still in control at Accentro, so the governance issues we have highlighted previously have not disappeared. KPMG
Read MoreLast night Casino released their opening gambit in the negotiations, proposing a partial equitisation of the Term Loan B and RCF and full equitisation of
Read MoreThe immediate impact of extending low pricing to convenience formats will be small. Over time, the convenience format will support higher
Read MoreWe missed it. On our shelf is the analysis of Thames Water from January 2000 when we decided not to go short the bonds then. You’ll find Southern Water there too. Now Sarah Bentley has
Read MoreHigher fuel margins have helped the supermarkets over the last year. The introduction of shared live pricing would allow consumers to shop around. However,
Read MoreAdler Real Estate is having its offices raided this morning - the raid is not aimed at Adler Group, even though we doubt there is much spacial distinction as to
Read MoreThe increased medium-term guidance from AML is a pleasant surprise. We expect that the increase is driven by a mixture of better pricing
Read MoreThe increased stake taken in Ocado by the Agnelli family may not provide any fresh capital, but it is a vote of confidence in management’s
Read MoreOHLA needs to sell its 50% stake in Canalejas, and any blocking by its partner in the project is negative. Our valuation on the stake is around
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Inflation recovery in the Meal & Bakery (M&B) business meant that volumes and revenue were significantly higher than we anticipated (£165m vs £103m). As a result, our
Read MoreCasino have published a cleansing document, which amounts to the tough opening gambit we have been expecting from the company. We are in the process of going
Read MoreSBB’s deal with Brookline could give it a chance of survival, but that decision will be with its lenders. If SBB can get a deal to sell the
Read MoreUpfield are holding an investor call today at 1:30 UK time on an amend and extend of its €, $ and £ term loan tranches, with the aim to
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