Iceland - comment

We haven’t paid too much attention to Kantar’s market share statistics as Iceland historically moves in a tight range from 2.2% to 2.4% market share. This month,

Tomás Mannion30 January 2024ICELAND

Branicks (DIC Asset) - comment

Branicks is currently trying to extend a €200m bridge loan beyond June 24, and has asked holders of €225m of 2024 Promissory notes to lengthen their

Aengus McMahon26 January 2024DIC ASSET, BRANICKS TRIAL

Intrum - comment

Shares are up this morning and bonds are firm, but from our perspective the results were disappointing. Q4 Collections performance

Wolfgang Felix25 January 2024INTRUM

Adler - How to unbake the cake.

Please find our unchanged model of Adler here.

We had expected yesterday’s verdict to provide more clarity to Adler and therefore to generally boost valuations of a name that has lagged behind the

Wolfgang Felix24 January 2024ADLER

Tullow - comment

Tullow released its trading statement this morning, confirming FY23 production levels and providing guidance for FY24. Headlines will be dominated by

Tomás Mannion24 January 2024TULLOW

Upfield - Road to refi is getting shorter.

Please find our updated analysis here.

Slowly but surely the Company and its private equity shareholder is extending the maturity of its capital structure to match the time needed to transition the

Saahil Dey23 January 2024UPFIELD

Atalian - comment

Atalian have reached an agreement with the ad-hoc bondholder group to extend maturities of the 2024 and both 2025 bonds until June 2028, with the new bonds having (3.5% cash and 5% PIK coupon). In addition, €400m of cash, split €240m of rate

Tomás Mannion23 January 2024ATALIAN

Accentro - comment

Shareholders were never likely to object to an agreement that gave them more time for asset prices to improve, especially when largely paid

Aengus McMahon23 January 2024ACCENTRO

Intrum - comment

In our recent discussions with some of you we had voiced our increasing confidence that Intrum could get this transaction underway. Nonetheless,

Wolfgang Felix23 January 2024INTRUM

Morrisons - comment

Executing the sale of Morrisons forecourt business will reduce leverage significantly, and today’s headline points to a deal being agreed by the end of

Aengus McMahon23 January 2024MORRISONS

United Group - comment

New bond issuance has been announced, with the PIYKs to be repaid from the proceeds. The company is raising €1,250m in cash (including €300m

Aengus McMahon23 January 2024UNITED

Adler - comment

The UK’s court of appeal has overturned the approval of last year’s restructuring. That’s a shocker. There is certainly no easy solution the

Wolfgang Felix23 January 2024ADLER

Adler - How appeal-ing?

Please find our updated analysis of Adler here.

As a name with considerable fur, Adler has been lagging in the recent rally. Most importantly and possibly imminently, the court of appeals could

Wolfgang Felix22 January 2024ADLER

Thames Water - comment

The company is tendering for its short-dated Class-A bond and looking to sell a 20-year like-for-like replacement at UKT+340/350. The Class-A debt is

Wolfgang Felix22 January 2024THAMES WATER

Iceland - Where to next?

Please find our unchanged analysis of Iceland here.

Iceland has been requested by several clients but we don’t see a change in strategy or trajectory for the Company in the coming

Tomás Mannion19 January 2024ICELAND

Stonegate - comment

We suspect more details will emerge on the call at 4 pm today, EBITDA has come in slightly higher than our model at £98m. The discrepancy is

Tomás Mannion19 January 2024STONEGATE

Matalan - comment

Matalan reported a strong Q324 today - £5m better EBITDA than we had projected. More importantly, we had expected the company to kitchen sink Q4 with

Wolfgang Felix19 January 2024MATALAN

Saahil Dey - New Analyst

Please join us in welcoming the newest member of the Sarria team, Saahil Dey. Bio here

Saahil joins us from TD Cowen where he was a Trader & Desk Analyst for European Special Situations.

The Sarria team continues to

Wolfgang Felix19 January 2024GENERAL

Altice International - comment

In line with management’s comments, all assets are for sale. As part of the process, it is reported that Altice has appointed Morgan Stanley to

Tomás Mannion18 January 2024ALTICE INTERNATIONAL, ALTICE

Steinhoff - comment

Pepco today announced it had begun to narrow the negative LfL trend and curtailed CapEx. The company is signalling price investment - in line with

Wolfgang Felix18 January 2024STEINHOFF