The Preference share issue from SBB Residential will layer the SUNs, but someone needs to provide senior debt. Also, at 13%, the cost of the instrument underlines the pressure SBB is under in raising finance. Sizing the deal at c40% of the SEK6.2bn of
Read MoreJLT has kept things safe and appointed from inside the positions of CEO and CFO. This should mean there is unlikely to be any major change in strategy at JLR as they continue to
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Members fell even faster than we had projected and so did revenue. As most dissenting members are the novices (think churn is 80%), we now see revenue/member almost
Read MoreThe much-awaited simplification of Accentro’s holding structure is unfolding as Shinhan AIM, the original lender to Brookline, and Nox Capital
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Please find our updated analysis here.
We’ve been bullish on this name for some time. As the business is overcoming the series of shocks it endured since CVC bought their stake - Online migration in home-market Germany, the pandemic or now the steep rise in inflation, it feels like Douglas might be
Read MoreThe company continues to pivot away from portfolio purchases, down 1/3 YoY. The dividend has been scrapped, finding some shareholders in denial. Leverage is
Read MorePlease find our existing analysis here.
We are pleased to see the Tech Solutions business become EBITDA positive. The jump in capacity fees is earlier than we had modelled and will take some of the focus away from the M&S JV. Our base case is that M&S will choose to consolidate the JV when the
Read MoreThe Consortium of EP Global Commerce, Fimalac and Attestor will likely gain control of Casino, but this hasn’t stopped other suitors from trying to peel off assets. Lidl, the German discounter, has
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Stabilisation in the M&S JV is welcome for Ocado, although the company did take a £17.4m fair value charge in the half year. The post-pandemic slowdown in
Read MoreThere is a winner, and it is not the unsecured creditors! Casino confirmed yesterday's news that 3F has pulled out of the race, leaving the EP Global Commerce
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Last Thursday and Friday, the Portuguese Department of Investigation and Criminal Action rated 90 premises as part of an investigation into alleged crimes of corruption, tax fraud, forgery and money laundering. This relates to suspicions
Read MoreThe FT is reporting that Daniel Křetínský’s will be the likely successor at Casino with the 3F consortium abandoning its bid. The lack of any bidding tension coupled with quotes from Křetínský asking creditors to be realistic and that
Read MoreTullow has successfully brought on two production wells in the South East quadrant of the Jubilee field, with Gross Production from the Jubilee field now above 100,000 boepd. It is earlier than we had expected. With two further wells expected to
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Please find our updated pdf analysis here. We have uploaded our Excel model which we were unable to upload last week.
In Summary, we have rotated our position from a long in Iceland’s 2025 bonds into the 2028’s taking out 16pts based on our expectation of further
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Not much inspiration on the call, net cash flow was lower than we hoped mainly due to the repayment of CP and some reduction in bank debt. Rolling over bank lending is crucial if the company is to survive without a reorganisation, but SBB’s
Read MorePoundland had a better Q3 than we expected with +9% LfL growth. Pepco, meanwhile, came in right on target with €831m of revenue, down -1.2%. The market seemed
Read MoreThe company has asked the court of Nanterre to approve its Sauvegarde plan via X-class cram down - and to effectively ignore the appeals court’s earlier
Read MoreTomas is on holiday. His reaction yesterday night only read: “What a sh*t set of numbers“. Anyhow, if we were management right now, we’d drop prices
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