Today’s announcement was just for the Retail business. The business is improving after a miserable performance in the prior year. More
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A capital raise of €150m would mean a significant dilution for any shareholder that doesn’t take part. It is also questionable if the Amodio family will want to
Read MoreSBB’s completion of its tender offer points to capitulation by some hybrid holders and at the long end of the SUNs (€155m of the 2029 SUNs were successfully
Read MoreThe agreement to proceed with the sale of Canalejas is a positive for OHLA. We see €200m net proceeds for OHLA, which will bring it closer to being able to
Read MoreAt nearly £30 per share vs <£5 today, the price target for Steiner to get a £15m bonus is a stretch. The likelihood is that Institutional Investors who
Read MoreIf there was any hope that Airbus might reconsider and return to the negotiating table, it would be appear extinguished with the announcement that Airbus have
Read MoreNo IT migration project is ever totally smooth, so we are not raising a flag yet. With some staff already striking over reduced hours, payroll failures
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It looks like Intrum will be trying to push maturities of the nearer-dated bonds out by two years. But we wonder what the carrot would be because the problem
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KCA Deutag continues to build on its recent contract wins, and coupled with the integration process of the Saipem Onshore Drilling business, move into
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Best to ignore the headlines which compare FY23 and Q4 23 versus prior year as these are distorted by the tax credits received last year to compensate for
Read MoreWe have spoken to several clients on this name in the last couple of days, as the market tries to reassess the risks of Altice SFR and especially the lack of
Read MoreAttracting a CEO from Bentley is a coup for Aston Martin (AML) and underlines the transition from a turnaround story. We saw Amedeo Felisa as an
Read MoreThe appointment of advisors by the company and bondholders fires the starting gun on restructuring the Ardagh Group (ARGID) debt stack. The fact that the
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Having completed its restructuring transaction, Tele Columbus (TC) can now focus on its fibre roll-out. We are still sceptical about whether TC will
Read MoreAirbus have called off discussions about the acquisition of the BDS division at Atos, sending the shares and bonds tumbling. This would appear to be a
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