German cities are rarely good buyers of real estate, usually cash-strapped and reluctant. So we are all the more surprised that Adler
Read More
Operationally, Heimstaden Bostad continues to show resilient numbers, with like-for-like rental growth of 5%, leading to a Note Operating Income growth. This growth has offset the
Read More
Naturally the call did not include any detailed discussion of the restructuring, but the fundamentals reported were respectable. In particular, the
Read MoreASDA is repaying £2.9bn in debt whilst raising £900m via a new TLB; ASDA will fill the gap via cash on hand (£1.1bn) and additional senior secured indebtedness. The existing
Read MoreWith an asset write-down of €50m - €60m on the way leading to a breach of the Indebtedness covenant, a delay in publishing FY23 results is
Read More
Oriflame results today were miserable as usual but better than forecast - for the first time... Specifically, the company improved its GM vs. last quarter by more than expected and almost to last year's level (which was
Read More
Following the successful exchange and tender offer for the Euro perpetual notes, AroundTown this morning has announced a similar tender to the holders of its Sterling and
Read MoreTDR taking majority control by buying Zuber Issa’s stake will change little for ASDA. Mohsin Issa will continue to hold his stake, and a more imminent challenge is
Read MoreThe good start to the week with another negative headline from Thames Water. The company issued a delayed update to its five-year business plan to
Read MoreThe appointment of Rothschild as an advisor for Boparan’s upcoming refinance initially struck us as odd. However, Rothschild worked with
Read MoreAnother rabbit is out of the bag with Thames Water submitting a new business plan to Ofwat today which shows a 56% increase in bills over the next five years for
Read MoreThe ARGID SUNs are trading at around 50c/$. We remain short as we expect next week’s Q1 numbers will lead to further falls, and we expect
Read MorePost the earnings call yesterday, the company’s guidance on the call was mixed with flat topline growth (due to model volatility) and slower order intake of €5.5 billion at 6% margins but better than expected EBITDA margins of 9% and €400 million for
Read More
After several press articles outlining the shareholders' (OnePoint and Walter Butler, financed by Carlyle) approach to a potential restructuring of Atos, creditors have
Read More
The company announced Q4 and FY 2023 results this morning. While the results were pre-announced a couple of weeks ago and were in line with
Read MoreAnother comment from the UK Chancellor Jeremy Hunt at the IMF meetings in Washington where he hinted that any restructuring of the balance sheet of
Read More