Heimstaden AB - comment

Please find our updated model here.

We had wrongly assumed that the contingency payment for the Icelandic assets had already been received and was included in the reported

Tomás Mannion8 March 2024HEIMSTADEN

Heimstaden AB - At the top of the leverage stack.

Please find here an additional piece on Heimstaden AB following our note on Heimstaden Bostad earlier this week.

We have had a couple of clients request a little more detail on the Heimstaden AB structure. We have done some additional work but overall it

Tomás Mannion7 March 2024HEIMSTADEN

CGG - comment

Good numbers and some good news for bondholders. CGG generated cash in both the final quarter and for the full year. Management is going to

Aengus McMahon7 March 2024CGG

Clariane - comment

As part of Clariane’s Refinancing Plan, Belgian press are reporting that Rothschild are mandated to sell its Belgian and Dutch facilities. Clariane has

Tomás Mannion7 March 2024CLARIANE, KORIAN

Elior - comment

A share buyback of up to €252m over the next 18 months is an eye-catching headline, but we expect the actual buyback outlay will be much smaller and back-ended. The buyback authorisation figure is sized on 10% of outstanding shares at €10 per share, bu

Aengus McMahon7 March 2024ELIOR

Heimstaden - Walking The Tightrope - Positioning

Please find our updated model here.

A mismatch of assets and liabilities can have horrendous consequences for equity holders. And this is the case for many of European REITS including

Tomás Mannion6 March 2024HEIMSTADEN

Ardagh – Positioning ahead of the catalysts

Please find our slightly updated analysis here.

After a lengthy discussion, we have decided to put on a short trade in Ardagh. We still do not expect a major catalyst in the next twelve months, but we cannot see a

Aengus McMahon6 March 2024ARDAGH

Tullow - comment

Tullow had already given us the headline numbers about FY23, so our main focus was production guidance for FY24 and beyond. Guidance is 62-68k boepd, up from

Tomás Mannion6 March 2024TULLOW

Branicks (DIC Asset) - comment

Today’s announcement of a restructuring project for the promissory note loans (under StaRUG) reflects the difficulty in extending the term of these loans. If 75% of the

Aengus McMahon6 March 2024DIC ASSET

Boparan - comment

Boparan will be refinancing its SSNs in 2024, so it is an opportune time to upgrade the CFO as work begins to sell a story to Investors. The article suggests a

Aengus McMahon6 March 2024BOPARAN

Intu SGS - comment

The recapitalisation of INTU SGS is due to be completed in the next 4-6 weeks, following a Scheme of Arrangement Sanction hearing on the

Tomás Mannion6 March 2024INTU SGS

VMEDO2 - comment

Investors are familiar with the name and the strategy of sending any excess cash to the parent, so the downgrade at VMED (from BB- to B+) will only have

Aengus McMahon5 March 2024VMEDO2

Oriflame - In the Mix

Please find our updated analysis of Oriflame here.

So the Felix household bought a blender the other day. It’s a great way to fix up smoothies in no time and it’s striking to see the ingredients blend to the point where they are no longer recognisable. In a way, Oriflame results in the last six months have been strikingly

Wolfgang Felix4 March 2024ORIFLAME

Standard Profil - comment

Headline numbers from Friday’s release are strong, with the Gross Profit margin inflated by a reversal of the IAS 37 impact. Despite this reversal from Q1 23, the Gross Profit margin

Tomás Mannion4 March 2024STANDARD PROFIL

Douglas - comment

Douglas are looking to IPO as soon as this month with a full refinancing of the cap stack. Interestingly though, CVC are planning to inject another €300m in the

Wolfgang Felix4 March 2024DOUGLAS

DIC Asset (Branicks) - Update ongoing

Please speak to the analyst.

Aengus McMahon4 March 2024DIC ASSET

Pfleiderer - Survival of the Fittest

Please find our model here.

We think Pfleiderer is a good business that has successfully repositioned itself for the premium segment within its industry since 2019. Management will be focused on

Saahil Dey1 March 2024PFLEIDERER

Aston Martin – Motoring on – Positioning

Please find our unchanged analysis here.

Aston Martin (AML) will refinance in Q4 2024 and pricing reflects call levels. We have decided to exit our position to allocate capital elsewhere after a Q423 that

Aengus McMahon1 March 2024ASTON MARTIN

OHLA - comment

The FY23 numbers were ahead of our expectations in terms of EBITDA and cash generation. The construction order book is also healthy. Total cash was

Aengus McMahon29 February 2024OHLA

Ocado - comment

Y23 results were ahead of our model and above the median of analyst consensus. Overall, we see the results as a positive development for the Tech Solutions business, and the end game for

Aengus McMahon29 February 2024OCADO