Bouygues released its H1 numbers this morning with their telecom segment performing stronger with net adds in both mobile and fixed categories. ARPU has
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AMS will hold its conference call this morning at 10 am, so a brief note on their Q2 numbers. The numbers, albeit at the top end of their guidance, aren’t the main issue. The Company has
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The Data business' softness was an unpleasant surprise, especially before the background of bullish statements from Schlumberger. CGG explained that this was
Read MoreCasino held a brief conference call this morning with the full release of their Q2 numbers. There has already been plenty written on the back of the
Read MoreIceland priced their refinancing bond yesterday with pricing tightening from initial talks. The Sterling tranche was smaller than we had expected at
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Orpea released H1 revenue and Occupancy data across the Group this morning, coupled with an announcement of two sale-and-lease-back
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Revenue ahead of our expectations on better-than-modelled sales in the GT/Sport category. Adjusted EBITDA margins were up YoY, although at 13% it has a long way to go to meet the 2025 target of 25% let alone the 2027/28 target of 30%. Working capital
Read MoreOrange reported its H1 numbers highlighting the cost issues operators have in France. Orange’s France EBITDAaL is down 5% mainly due to energy price
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A 1% rise in underlying revenue was due to additional mobile customers balancing reductions in the Consumer business. Customers are churning off
Read MoreThe Nanterre Court has approved the accelerated safeguard plan by way of cross-class cram-down. Orpea has previously disclosed the voting, with six of the ten classes of
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The Q3 headline numbers are overshadowed by the continuing difficulty of improving margins in an inflationary environment. EBIT margins for
Read MoreBoth Altice structures have announced the dates of the Q2 call (Altice International - 7th August at 12:00 UK time; Altice SFR France - 8th August at 12:00 UK time), with
Read MoreIceland are tendering for their outstanding 2025 notes at par plus accrued funded by the proceeds of New Notes, and £25m on cash from
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The first results after restructuring are rarely good for any company, but it’s hard not to feel a little disappointed with zero EBITDA. Apparently,
Read MoreThe £200m from AutoStore is welcome cash for Ocado. The settlement of all outstanding patent claims is also a positive for Ocado. Despite
Read MoreThe ending of talks with Brookline, to sell the remaining 51% of SBB EduCo, is negative for the shorter end of the SBB curve. The press release left
Read MoreGPA have declined the bid from Jaime Gilinsky for 50% of Exito and intend to pursue their plan list Exito. Separately, Casino have scheduled their
Read MoreThe 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
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