Rekeep posted their Q2 numbers yesterday which, adjusting for the tax credits, showed a modest decline in top line, albeit with improving EBITDA due to
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Orpea continue their strategy to reduce asset ownership to a target level of 20-25% of operated assets in the medium term. Orpea entered into a new
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Tap have paid down the 2023 bonds without also addressing the 2024s, which means the final leg of our thesis did not materialise. Nonetheless, it’s been a
Read MoreRent collections and Occupancy continue to improve across the portfolio with no signs that the recent macroeconomic uncertainty and the recent collapse of some high-profile retailers impacting. In fact, occupancy is now at the same level as
Read MoreThis is the final legacy arbitration case in Algeria for OHLA, and the settlement is for around half what we had modelled. Algeria will pay €38m
Read MorePress rumours of another £500m sale and leaseback suggest to us that price support is still needed even though the operating environment is
Read MoreThe profit warning from Accentro is no surprise to us. We have been sceptical about the ability to execute condo sales in the current environment. At the very least, we think whole building sales are needed. We expect that Accentro will need further
Read MoreThe reduction in Goldman Sachs's stake from 5.6% to 4.02% initially caught our eye but is ultimately pretty innocuous. The overal
Read MoreThe CFO appointment at SBB puzzles us and suggests the problems for SBB are worsening. Difficult discussions are coming up with banks, bondholders and the Swedish government. A restructuring CFO is what is required. An internal
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Standard Profil released their Q2 numbers which are ahead of their guidance given earlier this year. On the back of the numbers and slightly better underlying
Read MoreThere has been no material change in Tullow’s share price this morning after the army seized power from President Ali Bongo in
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The operations are well enough managed and quarterly results here have little bearing on the credit. Notable in the H1 announcements is the buy-back of
Read MoreResults of their bond tender was released on Monday, with the Company buying back SEK 562.5m, spending SEK 478m of the SEK 1,000m allocated to
Read MoreThe loss of the executive who managed the relationship with municipalities and housing associations is a challenge for management when it has
Read MoreHaving completed the Towers sale, United Group (UG) will use some of the proceeds to redeem the 2024/25 SSNs. After these maturities, the subsequent maturity is the
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Capital markets have provided much of the funds used by Swedish Real Estate companies. Comment on Bloomberg refers to the pressure off the
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Douglas reported another set of strong results, although we have to recognise differences between our model and the actuals. Volumes were lower at better prices,
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