Rekeep - comment

S&P reaffirmed Rekeep’s rating at B, but kept its outlook on Negative. The reasons quoted by the S&P analyst echos comments we have made in the past; a slightly improving

Tomás Mannion5 June 2024REKEEP

Thames Water - comment

A new set of creditors have organised which consist of the existing lenders (nearly twenty institutions) to the company and which have exposure to existing interest rate swaps, revolving

Saahil Dey5 June 2024THAMES WATER

OHLA - comment

If the agreement to sell CHUM is completed, it will be a welcome cash boost for OHLA, but we have been here before. On its own, CHUM isn’t enough; OHLA will

Aengus McMahon5 June 2024OHLA, OHL

Cerba - Q1 Results - Testing our Patience.

Please find our updated model post the Q1 2024 results, here.

Since our initiation and short position in both the 2029 and 2028 notes, the only material change in the story is the announcement of the sale of the vet

Saahil Dey4 June 2024CERBA

Lowell - comment

Last week, we had the Q1 call without the financials. Those, management promised, would be signed the same day. As of this

Wolfgang Felix4 June 2024LOWELL

SBB - comment

That the PPI bid for Terningen AB in Norway is all equity shows how the funding market has shifted, but the aggressive instincts in the sector are

Aengus McMahon4 June 2024SBB

Atos - comment

Into the final straight, and three becomes two. The race will likely end on Thursday, with Atos to issue a further statement on Thursday updating on

Tomás Mannion3 June 2024ATOS

Thames Water - comment

Ofwat is cracking the whip on the highly leveraged UK water sector where dividend payments are now frowned upon. It is thinking of imposing

Saahil Dey3 June 2024THAMES WATER

Adler - Not a good deal

Please find our updated analysis of Adler here.

It’s gone wrong. The proposed restructuring does not decrease, but increase the PIK burden on the company, putting it under more, not less pressure to sell its volatile development land bank as

Wolfgang Felix31 May 2024ADLER

Tele Columbus – If you build it, they will come.

Please find our slightly updated analysis here.

Tele Columbus (TC) has completed its restructuring and can now concentrate on building its fibre network and protecting its CATV business. There is a

Aengus McMahon31 May 2024TELE COLUMBUS

Altice International - How bad is the smell?

Please find our updated model here.

But does the financials and the model matter? The last comment from the management on the call is probably the most important one stating

Tomás Mannion31 May 2024ALTICE, ALTICE INTERNATIONAL

Klocker Pentaplast - comment

Post our initiation of Klockner Pentaplast, the company reported Q1 2024. Revenues of €468 million were below our estimates of €534 million driven by volume declines in

Saahil Dey31 May 2024KLOCKNER

Standard Profil - comment

An improving Gross Profit margin driven by further efficiencies has led to higher EBITDA. This was also aided by slightly higher volumes making the

Tomás Mannion31 May 2024STANDARD PROFIL

Cerba - comment

Q1 2024 results were saved by the vet, otherwise, it was more of the same. In a quarter (that was strong seasonably), revenues came in at €503 million which were boosted by

Saahil Dey31 May 2024CERBA

Klockner Pentaplast: packing for a refinancing or debt exchange

Please find our initiation and model on Klockner Pentaplast here as a framework for discussion.

As any market participant in the European high yield market with gray hair would observe, Klockner Pentaplast has been a special situation

Saahil Dey30 May 2024KLOCKNER

Morrisons - comment

The recent strikes at Morrisons did impact deliveries, and most staff at the two distribution centres (of seven) took part. The industrial action is

Aengus McMahon30 May 2024MORRISONS

Ocado - comment

Ocado is about to exit the FTSE100, which will prompt some selling, but it is also suffering from short selling. The ongoing valuation row with M&S over

Aengus McMahon30 May 2024OCADO

Antolin - comment

The company reported Q1 2024 results which confirmed our negative view. Revenues declined by 10% to €1.04 billion and below our estimate of €1.2 billion as revenues from

Saahil Dey30 May 2024ANTOLIN

Lowell - comment

Looks like we have to engage with management to get us white-listed again. We were again culled from the Q&A. The quarter offered little

Wolfgang Felix30 May 2024LOWELL

Altice International - comment

Management may state that Altice International is a “completely different entity" to Altice SFR and they look forward to “normalised trading levels”. The reality is

Tomás Mannion29 May 2024ALTICE INTERNATIONAL, ALTICE