Douglas reported Q1 sales this morning right on target. We anticipate discontinuing the name as both Sr and Sub are now call constraint and
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Tesla are stopping production in their Berlin factory from Jan 29th to Feb 11th due to the disruption in the supply chain from the ongoing conflict in the
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German press is beginning to speculate on the IPO of the company in Calendar Q1 of this year. CVC have missed the boat twice and so even if this is not
Read MoreThe refinancing and debt reduction plans continue for INTU SGS with the Practice Statement Letter circulated on Friday. The proposed Scheme of Arrangement court hearing is
Read MoreThe English law Scheme of Arrangement (SoA) is the next step in the Tele Columbus restructuring. The Practice Statement has been published, and the
Read MoreThe decision to suspend cash interest on the Hybrids was expected and will save SEK565m a year (€51m). The Hybrids were already trading at 17c/€ so
Read MoreThe latest price cuts demonstrate that price support is still required for Morrisons and its competitors. At £15m, this is a modest investment
Read MoreAccording to Adler, Bafin have concluded their investigation into the company’s 2019 financial statements without imposing a fine or ordering any
Read MoreThe downgrade by Fitch to CCC was no surprise. Nothing has changed in what Thames Water has to do. Kemble can only service its debt from
Read MorePlease find our unchanged analysis here.
Stonegate has increased the number of pubs (from >1,000 versus c.800 originally) and raised only £600m (versus an original target of £1bn). This is partially explained by this transaction not being an outright sale, with Stonegate placing the pubs into an SPV,
Read MoreWidely expected (if not a little late), S&P downgraded Heimstaden Bostad to BBB-, with a negative outlook. This downgrade was well flagged with
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Douglas EBITDA came in right on target - €2m below estimate, although on lower volumes at higher prices. This has been a theme and we will be forecasting a
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The €300m highway contract in Illinois represents a strong end to the year for OHLA. OHLA needs to continue building its infrastructure
Read MoreReports that Apollo is nearing a £630m loan deal with Stonegate. We are disappointed that the original £1bn proceeds to reduce debt, has now morphed into a
Read MoreMoving the Residential assets into a single unit paves the way for up to 60% being sold in 2024. We expect SBB to sell to a real estate partner as an
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