Synergies continue to come through from the 888 and William Hill merger, which is improving EBITDA and reducing leverage to 5.1x. Guidance for FY23 is still for
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Please find our updated model post-Q2 numbers here.
When we wrote our initial piece in November and subsequently followed up post the Q1 call we used phrases like “stay awake please” and “trudging along”. Altice has woken the investor base with the news of the Portuguese investigation into alleged corruption
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Please find our updated model here.
A significant number of press articles have focused on the Portuguese investigation and options available to Drahi/Altice France to reduce its debt burden. However, we refer to earlier emails on the subject and highlight the bigger issue facing Altice France is
Read MoreCasino have extended its agreement with GPA in order to coordinate their voting/control when Exito is listed in the coming months. The process of
Read MoreRumour is making the rounds that Douglas have appointed Rothschilds to explore a 2024 Frankfurt listing. It’s an odd rumour. On the one hand, CVC have
Read MoreTullow continues its portfolio rationalising process with the disposal of its interest in Tullow Guyana, which includes the Orinduik license. Proceeds are
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Further to yesterday's email please be advised that we have taken our position as of today ahead of the results.
Wolfgang
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Given that success in China is important for AML, the new appointments to Aston Martin’s executive team in China add valuable experience. The DBX is a
Read MoreThe new lettings signed are an operational positive, but DIC needs to be making asset sales. The company has promised €300m -
Read MoreGetting your short-term bank liabilities wrong is embarrassing but is plausible in a chaotic time for SBB. Additionally, banks will want to
Read MoreThe Petroleum Commission, Ghana have updated their website with monthly production figures to June 2023, with Jubilee and TEN monthly figures equal to
Read MoreWhether the increase in short-term vs long-term debt was a simple error or a proofreading issue is a moot point. The banks may not
Read MoreA successful fundraising by CD&R demonstrates continuing investor confidence in the dealmakers at the firm. There is no direct read
Read MoreThe article suggests a significant number of Q1 sales were instead booked in Q4, resulting in a weaker-than-necessary Q1. Our analysis points to
Read MoreLast week Tullow updated the market on process (or lack of) on their negotiations for the Gas Sales Agreement with the
Read MoreThere 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
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