There are changes in how consumers shop, and as a response, all supermarkets now have a convenience strategy. The primary driver for the supermarket's convenience strategy is seeking a higher gross margin, but there is an element of responding
Read MoreAltice don’t release the full accounts prior to their call, but the headline numbers remain strong. Altice Portugal has increased the number of homes passed and penetration, driving revenue up 12%, split residential up 4% and business
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Please find our existing analyses here: Adler, Aggregate, Casino and Naviera Armas.
It’s time we bring out our dead. To fund new positions, such as Selecta yesterday (see here), we have been clearing out a few positions to make way for new ones, such as
Read MoreThere are rumours that SBB is preparing to IPO its entire residential portfolio, but we are sceptical about the feasibility of any sale. A threat of SBB finding cash
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Please find our updated analysis here.
Every once in a while a name begins to make a lot of sense - and we are the last to see it. It’s Selecta’s turn. If following Q1 the vendor was on the edge, today it is one step further - but in the right direction. We are certainly off the fence as we abandon our previous
Read MoreThe store sale and leaseback (S&L) announced today is at a yield of 6.8%. Cap Rates for supermarkets are rising, but with 10-year UK Gilts at around
Read MoreMorrisons becoming the cheapest supermarket for a full trolly shop reflects the determination to shore up market share by investing in price
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We have been looking for the stabilisation of the machine fleet around this time as the company cannot only shrink itself into this capital structure. But instead,
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DIC expects year-end property valuations to be -4% to -7% down, with a book LTV (never mind our estimates) of 55.3% and a maintenance covenant of 60%; meaning that
Read MoreThe continuing equal pay case between ASDA and female shop staff is likely to cost something, but it is unlikely to be £1.2bn back pay + £400m in annual costs in
Read MoreThe closure of three stores (out of 499) may not move the needle, but it is part of an ongoing cost review and is welcome. We expect this trend to continue
Read MorePlease see our unchanged analysis here.
The Amend and Extend (A&E) operation from Vivion has been our core thesis for the last 9-months. The amount of cash incentives being offered to investors is less than we thought, but there are no asset sales so the value of the security package is better. Vivion has accepted
Read MoreThe second liens will be redeemed from the proceeds of yesterday's equity raise. We will have a more detailed email later today on the impact on the SSNs
Read MoreVivion has launched an amend and extend for its SSNs and convertible. The new notes will have a security package with an upfront cash
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Please find our updated Aston Martin Analysis here.
Aston Martin (AML) has achieved a couple of milestones that addressed our concerns for the company. 1) opting for a technology partnership over the risks and costs of developing a new electric powertrain; 2) the launch and positive reception for the first of six
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