Whilst the 23Q2 results were in line with our model, the real focus is the looming equity injection/restructuring. Management has already highlighted a funding gap from
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Please find our unchanged analysis here. We are reserving the update for next month.
In September, Atalian will present its strategic plan aimed to pacify bondholders, whilst leaving the equity in charge of the business. Meanwhile, we are awaiting answers from IR, which have been delayed by the plan and summer leave. Previously, management has
Read MoreOrpea have drawn a further €200m under the new financing agreement. We are surprised that the Company feels the need to report this as this was
Read MoreWe have confirmed the appointment of Houlihan Lokey and Milbank as restructuring and legal advisors to the Tele Columbus Bondholder group. As part of a
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Heimstaden AB, the parent Company, has launched an unmodified Dutch Auction for the front end of their Unsecured bonds (2024 and 2025 SEK bonds,
Read MoreThe timing of the CFO’s departure is awkward but was increasingly inevitable. There has been little progress in persuading lenders to roll their mortgage loans; without
Read MoreWe are on call-back from Houlihan and Milbank in relation to Tele Columbus, as bondholders appear to have selected financial and legal
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Please find our slightly amended analysis here.
Having only initiated coverage of ASDA a week ago, little has changed in our analysis post the release of the Q2 results earlier this week. The numbers support our thesis that the operational environment is improving slowly. Food and other cost inflation (pay, energy and fuel) are slowing
Read MoreVivion had to sweeten its Exchange proposal following bondholder pushback that left the 2024 acceptances short of the 75% minimum. We expect that the new
Read MoreThe purchase of the United Group (UG) tower business by Saudi Arabia has taken a big step after approval from the Bulgarian competition
Read MoreThe delays in delivery of the CFC centre to Coles result from redesigns and problems in construction (which are Coles's responsibility). There will
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Heimstaden Bostad held their Q2 conference call this morning reiterating their target to maintain Investment Grade status. Management highlighted the
Read MoreWe are not surprised that Bain and Cinven are eyeing a sale of Stada. A potential IPO was on the table before the conflict in Ukraine broke out. With the war
Read MoreIt’s positive that SBB has now completed the SEK2.5bn preference share deal with Morgan Stanley. However, the transaction doesn’t fill the
Read MoreOverall UK grocery sales grow by 6.5% in the four weeks to the 6th of August, driven by grocery price inflation of 12.7%. Morrisons (8.7%) and Asda (7.7%) grew ahead of
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Food sales were in line with our expectations, and better than expected gross margins mean EBITDA was £38m above our estimates at
Read MoreThe company is exiting the voluntary compact with its rivals and the Berlin state senate, in which all real estate companies had pledged not to
Read MoreAMS Osram’s shares and bonds traded down yesterday on the back of Foxconn’s Q2 numbers. A closer examination shows that Q2 results were ahead of guidance, but the caution relates to Foxconn downgrading its outlook for full-year revenue
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Aengus is back tomorrow to comment fully on Nidda, but the Q2 numbers show continued growth coupled with improving EBITDA margins driving a 12% increase in EBITDA. This has led
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