Altice SFR France - comment

Headlines are going to focus on restricted versus unrestricted entities, our initial comments are on operations. We had suspected the poor guidance issued

Tomás Mannion29 May 2024ALTICE, ALTICE SFR

AroundTown - comment

AroundTown’s Q1 results point to further signs of stability in the European real estate market. AroundTown do not revalue its estate at Q1, but the Company has done some

Tomás Mannion29 May 2024AROUNDTOWN

Thames Water - comment

Ofwat appears to be becoming more flexible by drawing up plans for a special “recovery regime” for the UK water sector which benefits

Saahil Dey29 May 2024THAMES WATER

Ocado – Chrysalis

Please find our updated model here.

Ocado is emerging from its Retail beginning to become a technological company focused on Retail Logistics; the business is still some way from being free

Aengus McMahon29 May 2024OCADO

Tele Columbus - comment

24Q1 revenue and adjusted EBITDA were in line with our modelling. The cap markets day was last week, and management gave a steer for today’s figures, so there were

Aengus McMahon29 May 2024TELE COLUMBUS

Intrum - comment

Escape forward. Intrum and Cerberus are emerging victorious in the battle for Zolva’s €6bn of Spanish and another €bn of Norwegian assets. Cerberus and

Wolfgang Felix28 May 2024INTRUM

SBB - comment

SBB has SEK14bn of bank debt and SEK9bn of bond debt due by January 2025. The SEK5.7bn cash inflow is welcome for SBB and raises balance sheet cash

Aengus McMahon28 May 2024SBB

Adler - comment

We are disappointed this morning that the 2LNs are unable to take out the vast 1L and 1.5L financing ahead of them. The transaction also leaves €2.3bn

Wolfgang Felix28 May 2024ADLER

Atalian - comment

The results were below our forecasts, and despite reiterating FY guidance Atalian will need to work hard on pass-throughs over the rest of the

Aengus McMahon28 May 2024ATALIAN

SBB/Intrum - comment

The private market is frothier than the bond market. Intrum, SBB, DoValue are only the latest examples this weekend where asset-based

Aengus McMahon28 May 2024INTRUM, SBB

KCA Deutag - Waiting for the inevitable

Please find our updated model on KCA Deutag here.

We have eventually succumbed to updating our model and analysis on KCA Deutag, previously pausing, thinking a refinancing was just around the

Tomás Mannion24 May 2024KCA Deutag

Morrisons - comment

The disruption caused by the three-day strike at two (of seven) Morrisons Distribution centres will only have a small impact on results. Even if the

Aengus McMahon24 May 2024MORRISONS

Asda - comment

ASDA needs to separate its IT systems (including payroll) from Walmart. It is pretty much a given that no major IT project is entirely smooth so some

Aengus McMahon23 May 2024ASDA

OHLA - comment

OHLA’s operational results were less crucial than the €200m needed to repay bonds in March 2025. The maturity either requires executing something from

Aengus McMahon23 May 2024OHLA

Ocado - comment

Trying to hoover up former Getir/Gorillas customers may give a boost to

Aengus McMahon23 May 2024OCADO

Thames Water - comment

In a parallel move along with the announcement of the general election in the UK, Ofwat announced that the decision to approve the new business plan submitted by

Saahil Dey23 May 2024THAMES WATER

Klöckner Pentaplast - comment

Gerresheimer, the German packaging group today announced the acquisition of Italian packaging group - Bormioli Pharma for €800 million or a

Saahil Dey23 May 2024KLOCKNER, KP

Accentro - comment

It isn’t a surprise that the single holder of the 2029 bond has agreed not to enforce the upcoming leverage breach before 14th July. An extension will require

Aengus McMahon23 May 2024ACCENTRO

Punch - The last will be first

Please find what is likely our last update of Punch here.

The trade got away from us last year as the bonds would always trade just a little tighter than where we were prepared to buy in. Ultimately it was a matter of

Wolfgang Felix22 May 2024PUNCH

Vivion - Micro to Macro

Please Find our updated analysis here.

Vivion’s portfolio valuations are now in line with our model. We expect yields to stabilise through 2024. The German Real Estate market will benefit from the

Aengus McMahon22 May 2024VIVION