Today’s offer of fresh equity comes with strings attached that would shift risk back onto bondholders, in return for an underwhelming amount of fresh cash. The trickiest bit in
Read MoreThe increase in Saudi PIFs overall stake in Aston Martin (AML) is mainly cosmetic from a creditor’s perspective. However, the confidence shown in
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Q3 revenues and earnings came in almost on top of our estimates. More interesting is what is going on on the balance sheet, in particular with
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Branicks balance sheet problems have not been resolved, but the operational performance was good. In 2024, Branicks has €580m in maturities. Management has not
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Q3 was strong, with DDE and Earth Data divisions seeing a jump in orders in the quarter. The promised stronger H2 seems to be materialising. CGG effectively increased
Read MoreAs per our previous note, Wheel Bidco did not end up making an offer for The Restaurant Group, which was
Read MoreAnd we are off. With (at least) three High Yield bonds launched this morning, AMS Osram will be watching carefully to see the current risk
Read MoreThe acquisition of EG assets was completed at the end of October with no objections from the Competition and markets authority. We noted at
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Please find our slightly updated analysis here.
Aston Martin (AML) cut its 2023 volume target after production issues arose in the new DB12. Volume guidance for 2023 is now close to our original
Read MoreVonovia’s Q3 results this morning highlights that there remains at least minimal liquidity in the residential market in Germany, with €1.7bn of sales in Q3. Reassuring
Read MoreThe completion of the sale of US assets to GDI offers an exit from Atalian's issues in the US unit but makes little difference to cash. As we commented recently, the
Read MoreKojamo, the Finnish real estate REIT, 20% owned by Heimstaden Bostad, posted its Q3 results today. On a quick glance, the numbers are in
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Revenue and volumes were light relative to our expectations, and AML has reduced its volume target for 2023. AML experienced problems ramping up
Read MoreSGS have updated their March 2023 Business Plan which shows an increase in Static NRI (Net Rental Income) of £27m to £94m in FY27 (March 2027). This is primarily driven by
Read MoreHeimstaden Bostad has previously announced their “privatisation” plan, with the Board approving a SEK 20bn book value sales by 2025, with a
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We will write a fuller email later in the day, but we don’t regret our decision to exit the name on the back of the euphoria of the refinancing plan in
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