Please find our updated analysis of Punch Pubs here.
Q3 has been somewhat uneventful, most notably solidifying management’s departure from the previous conversion strategy that foresaw selling pubs to fund the conversion of some of them from L&T into MPs. The company only converted one such pub,
Read MoreOcado will be relieved that its UK JV with M&S has returned to growth and will be above EBITDA breakeven by FYE23. It will ease tensions at the contingency
Read MoreUpfield have launched a €100m tap to the previously extended facilities this morning. In July, 79% of the €2.4bn facility was extended to January 2028
Read MoreThe launch of a $500m TL by Virgin Media O2 (VMED) was prompted by its dividend policy. In June, VMED drew £325m in term loans to fund a dividend
Read MoreWe are seeking further clarity from the Company but German press reports that AMS Osram has secured €300m from the federal government and
Read MoreCasino have come to an agreement in principle with Quantrim holders, concerning the extension of the facility by three years to January 2027, with an additional
Read MoreIf you can pay 97% you can pay par. We don’t hold the converts in our portfolio, but two months from maturity that would be our attitude. Adler are
Read MoreHeimstaden AB have appointed Christian Fladeland as Deputy CEO, effective immediately. Mr Fladeland will continue in his role as Chief Investment Officer in
Read MorePlease find our updated analysis of Oriflame here.
On the surface, little has changed since we last looked at the name ahead of its Q2 results. It remains as uninvestible as it was then. But aside from bonds trading down and then seemingly catching a bid in the 30s, at least one metric has continued to improve, such that for a
Read MorePress reports in Germany repeating the cost-cutting measures already alluded by management on recent conference calls. AMS Osram aim to lower fixed costs by 50% in its
Read MoreRevenue was in line with our model, and EBITDA margins were slightly ahead (23% vs. model at 21%). Stonegate attributed the better margins to lower energy costs. We had expected this to be
Read MoreOur analysis suggested a €50m shortfall in cash to fund the recent Amend and Extend operation. We had assumed the Dayan family would plug the gap with a
Read MoreLondon Metric, a UK listed REIT, has announced the sale of some assets over the last couple of days. These transactions are small in size but highlights that the
Read More18% in the bag: CVC have hired GS, DB, Citi, Unicredit and UBS to run the IPO books. We had previously dismissed the Idea that Rothschild would be advising the
Read MoreTullow had previously reported in mid-July the headline numbers for H1, so today’s H1 results are not new news. “Inflection point” is the key theme for
Read MoreInvestors expect to see clear plans for refinancing the 2024 and 2025 bonds when Atalian’s strategic plan is published in late September. We have no
Read MoreDynamic pricing in pubs is not new, Happy Hour, 2-for-1 offers and half-price drinks are all aspects of price-led differentiation. Charging more at busy
Read MoreTrevor Masters has resigned out of the blue and with immediate effect. We know of no reason for the move yet and stunned as we are by the rocky move, we are
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