Interesting choice of phrases used by Altice management during their Q3 conference call, especially when asked about EBITDA trajectory and whether the
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Please find our unchanged analysis here
The recent tender offer from SBB has prompted us to look at our valuations; we are now updating our model but wanted to share our initial thoughts with you all. The divisional structure is a clever way to help investors see the wood from the trees. The negative is
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Underlying results reported yesterday were a non-event as the Company continue to grow both top-line and EBITDA as per guidance. With no major debt maturities before
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Elior's top line was well above our expectations driving a higher EBITDA. We had estimated that price rises to recover inflation would be delayed into 2024, bu
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The removal of the Russian business, alongside a good set of 23Q3 results, opens the way for Bain/Cinven to dispose of Nidda. Another PE buyout seems
Read MoreFitch’s affirmation of ASDA’s rating has no real surprises in the rationale. The stable rating will help with the cost of any institutional portion of further sale and
Read MoreAnd finally, the sale of the data centres. Subject to regulatory approval, Altice (SFR) France have sold a 70% stake in UltraEdge, their 257 data centre plus
Read MoreLosing its founder and CEO from the beginning of 2024 is awkward timing given the
Read MoreThe company is unlikely to be overly concerned about the possibility of S&P giving it a Selective Default rating due to the distressed tender. The new
Read MoreFollowing the successful upsized raising of new High Yield bonds last week, AMS have today launched their 11 for 4 rights issue at CHF1.07 (66% discount to Friday’s closing). The prospectus was
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Please find our updated analysis of Matalan here.
Fundamentally, Matalan maintains its steady position in UK apparel retail, neither growing nor shrinking over the past 20 years, and gained market share during the pandemic as competitors exited. The low-price sector remains insulated from online
Read MoreToday’s UK’ economic headlines are dominated by the drop in Retail sales, the lowest since February 2021, impacted by lower fuel consumption and
Read More23Q3 numbers were due to be published today, but in light of the skipped coupon and advanced discussions with creditors, we expect th
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Q3 numbers beat our estimates. Maybe we were hasty in losing patience with the equity. EBITDA and Operating Cash flow were ahead of
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Upfield published their Q3 results last night, ahead of their conference call today. With price deflation in the spreadable market, sales were down 10%. Gross profit
Read MoreLate October (27th) the Swedish financial watchdog filed a report of suggested corruption relating to Alecta’s investment in Heimstaden Bostad AB. This was
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