Intrum - comment

With Emil Folkesson, previously Investor Relations, Intrum have appointed another Interim CFO. We were quipping on the desk last month how

Wolfgang Felix16 February 2024INTRUM

Thames Water - comment

While you are “hoping” for a refinancing of the Kemble loans, the resignation of its chairman Adrian Montague cannot possibly

Saahil Dey16 February 2024THAMES WATER

Upfield - comment

The company is launching further add-ons to their TLB. This doesn’t look transformative, but

Saahil Dey16 February 2024UPFIELD

VMED O2 - comment

2024 guidance shows a sacrifice of EBITDA to protect its customer base. The 8.8% rise in consumer bills will lead to customer cancellations, and

Aengus McMahon16 February 2024VMEDO2

Matalan - Swinging

Please find our updated model for Matalan here.

2024/25 will be a challenging year. The company is facing a mountain of cost increases it has to overcome. On top of that, management are so bold as

Wolfgang Felix16 February 2024MATALAN

Douglas - comment

That IPO is coming. It’s not typical for Douglas to release earnings early, but those we’ve seen this morning even beat the trajectory we have been modelling. Q1 sales were right on target, but we think were

Wolfgang Felix15 February 2024DOUGLAS

Iceland - comment

Iceland’s numbers are out this morning and strong as expected. Sales £20m lower than our model, but Gross Profit and Operating cashflow in line. Gross Profit margin is

Tomás Mannion15 February 2024ICELAND

Aston Martin - comment

We have been expecting Aston Martin (AML) to refinance its debt stack in 2024, and the company is moving towards that. We do not expect

Aengus McMahon13 February 2024ASTON MARTIN

VMEDO2 - comment

If Virgin Media o2 (VMED) buys the consumer division of Talk Talk it will acquire 2.4m broadband customers, and we estimate a price of around

Aengus McMahon13 February 2024VMEDO2

Atalian- comment

Having got >90% consent in each of its bonds, Atalian can now bind holdouts under the bond documents and avoid the need for a

Aengus McMahon12 February 2024ATALIAN

Atos - comment

Given the bonds are trading in the 20s, the news that S&P has downgraded the bonds to CCC with

Tomás Mannion12 February 2024ATOS

Heimstaden - comment

Two related parties had interviews with the media recently mentioning Heimstaden, Roger Akelius, of Akelius Residential Property stated Akelius would be able to

Tomás Mannion12 February 2024HEIMSTADEN

Stonegate - Calculating the limits of that A&E

Please find our all-updated analysis of Stonegate here.

The SSNs have traded up a lot since details of the Platinum transaction were announced last month. But is it justified and will the new bonds trade at par - as the

Wolfgang Felix12 February 2024STONEGATE

AMS Osram - A different story - Positioning

Please find our updated model here.

All good things must come to an end. AMS Osram has been a good position for us but with the refinancing behind us, it is time to exit. With sufficient cash on

Tomás Mannion9 February 2024OSRAM

AMS Osram - comment

AMS Osram released their Q4 and FY23 numbers today in line with their guidance and our model. More importantly, the guidance for FY24 is consistent with the

Tomás Mannion9 February 2024OSRAM

ALTICE SFR - comment

It has been a couple of weeks without any rumours from the various sales processes within the Altice structure, but this morning, Bloomberg is

Tomás Mannion9 February 2024ALTICE SFR

Atalian - comment

Having passed the 67% minimum consent level (73.8%), Atalian can proceed with its exchange plan via an accelerated safeguard process. The deadline for

Aengus McMahon8 February 2024ATALIAN

Intrum - comment

Only days after the S&P downgrade triggered a sell-off of its shares and bonds, Intrum management looked reasonably prepared and launched a bond tender via

Wolfgang Felix8 February 2024INTRUM