The shelving of the Vanquish will not impact the rollout of the new DBS and Vantage models. Just like the decision to buy an electric powertrain rather than
Read MoreHeimstaden are tendering at par their bonds maturing in April and June 2024. In total, it is c. SEK1,200m of bonds. (Note the Company
Read More
Tullow is a frustrating name for us as we were unable to convince clients about the merits of a long position in the name over the summer. Tullow announced the
Read More
The Company released its Q3 numbers last night, ahead of its investor call next week. Headlines will be favourable, with EBITDA up to
Read MoreWe are not covering Signa due to the small size of the development bond relative to the vast and opaque conglomerate that is otherwise entirely
Read MoreThe headline about Canalejas is positive, but the devil will be in the details. If Santander finds a buyer willing to pay €800m (€400m for OHLA), that would be A
Read More
The company did not execute another portfolio offloading transaction during Q323 but has signaled that it is in the process of negotiating more
Read More
3Q3 numbers beat our expectations primarily due to better-than-modelled top-line growth in Bulgaria and Greece. Net debt is €4.1bn, giving
Read More
Still going through the numbers, with the quick takeaways that AroundTown have disposed of c. €175m more assets in the quarter, and boosted liquidity
Read More
We have been covering this name for a very long time, long before we added videos to our platform. So to bring the name in line with
Read More
Q3 and the call this morning were somewhat uneventful. The company has appointed a total of three auditors to deliver a patchwork of audits across the group. During Q3, the
Read More
Around 75% of the €560m outstanding Feb-24 bonds have accepted a three-point discount to get paid out three months early. Before the Tender, the
Read More
Interesting choice of phrases used by Altice management during their Q3 conference call, especially when asked about EBITDA trajectory and whether the
Read MorePlease 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
Read More
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
Read More