The impact on SBB’s accounts is a positive €100m. The adjustment is non
Read MoreTim Steiner won his bonus row with shareholders. A stock price of >£26 could trigger the £15m bonus. It’s a stretch goal, given the award price
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The break-up of Atos still remains an option despite management’s aim of achieving a restructuring of Atos as a whole. Apart from the French state’s approach for a
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Have we had an epiphany, or are we going mad? For the first time, we’ve been culled from the Q&A - a signal that management are more nervous about the refinancing
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Based on the FY 2023 numbers, the company reported sales of EUR 939 million (vs. our estimates of EUR 1 billion) and a decline of 19%. However, reported EBITDA for 2023
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The headlines are dominated by a non-binding letter of intent from the French state to acquire 100% of a subset of BDS business for c. €700-1,000m subject to
Read MoreThe appointment of PJT BY OHLA’s bondholders is the needed bucket of cold water for the board. We have spent years being told Mañana when it came to
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We had expected bonds to trade off a little as we anticipated the weaker guidance but clarification on exit costs from the microLED project coupled with
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Clariane released their Q1 revenue numbers last night, in line with their guidance. They do not provide any profitability numbers but can reconfirm their FY24 guidance of
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Atos released its Q1 numbers but the most important aspects were not number-related. End result of announcement is a more severe debt forgiveness is
Read MoreReports in the press on a proposed sale of Upfield at US$ 10 billion to an Abu Dhabi sovereign wealth fund (ADQ) which were cancelled were beyond
Read MoreIquera hired advisors yesterday - the bonds tanked some 30 points. We don’t know the company all that well yet, but it's been engaged in ABS transactions in
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Following last year’s restructuring and the squeeze-out at ARE, as well as the eventual contracting of an auditor, the SteerCo - prompted by
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The company reported its Q4 2023 results yesterday well below even our estimates and our initial view is that Cerba is clearly “testing” the patience of investors as it was another weak quarter. Q4 2023 revenues were down 17% at EUR 482 million vs
Read MoreLavazza, ostensibly one of the parties involved in the potential sales process that did or didn’t take place recently, are bidding an encouraging €7.15 per share for
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