Ardagh Group - comment

These layoffs do not fundamentally change the picture for Ardagh Glass (AG), but pressure from cheap imports continues to hurt sales in

Aengus McMahon24 June 2024ARDAGH

Asda - comment

Worker relations are poor as ASDA cuts costs, and the GMB union will pressure management. Ensuring the IT errors don't happen again is more

Aengus McMahon24 June 2024ASDA

Lowell - comment

Compared to Intrum, Lowell is a far simpler company with less geographical diversification and only a small servicing business that won’t

Wolfgang Felix24 June 2024LOWELL

ProGest - comment

After a successful exit in August 2021 we never again took up coverage of the name. Wedged between two commodity markets, the Italian test liner and

Wolfgang Felix21 June 2024PROGEST

Ocado - comment

Sobeys' decision to pause construction of its fourth Customer Fulfilment Centre (CFC) is a negative for Ocado. We still believe in the trend towards

Aengus McMahon21 June 2024OCADO

Vivion – Rolling On

Please find our unchanged analysis here.

The Vivion call had some interesting information on the refinance of the 2024 bonds and the possible uses for the cash pile at Golden Partners. Our view has

Aengus McMahon20 June 2024VIVION

SBB Norden - comment

The exchange offer is not as popular as SBB hoped, but we expect it to get done. SBB paying the Hybrid deferred interest to exchange bondholders will

Aengus McMahon20 June 2024SBB

Lowell - comment

We understand the company has hired GS to advise on its balance sheet. The choice of advisors is remarkable as we believe GS to have

Wolfgang Felix20 June 2024LOWELL

Intrum - comment

Well, are we glad that we are no longer in the equity this morning… Intrum creditors have finally agreed to disagree as this morning’s proposal confirms that

Wolfgang Felix20 June 2024INTRUM

Boparan – History repeating itself.

Please find our unchanged analysis here.

Boparan is nearing the refinance of its Nov-25 bonds, and as in the past, the company has significantly improved performance in the last year. We expect

Aengus McMahon19 June 2024BOPARAN

Grand City Properties - playing the waiting game- Positioning

Please find our updated model for Grand City Properties, post Q1 numbers and hybrid exchange, here.

The results continue to be a non-event. But perhaps that is the point. Real estate investing, especially residential, with very little development

Tomás Mannion19 June 2024AROUNDTOWN, GRAND CITY

AroundTown - With help from a friend - Positioning

Please find our updated model here.

AroundTown continues to make progress with its efforts to make the Company boring again. The results are non-events, with the Company making

Tomás Mannion19 June 2024AROUNDTOWN, GRAND CITY

Maxeda - comment

Q1 was largely on target, delivering €1m more EBITDA than expected and zero net cash flow, as per model. The annual tax charge came again

Wolfgang Felix19 June 2024MAXEDA

Adler - comment

TopCo bondholders voted each bond issue vastly in favour of the restructuring, paving the way for a relatively inexpensive and straightforward implementation

Wolfgang Felix19 June 2024ADLER

ASDA - comment

The fall in market share will be a drag on ASDA’s performance, but continued falls in inflation will nudge consumers towards choice

Aengus McMahon19 June 2024ASDA

Morrisons - comment

Settling the dispute with logistics staff will help Morrisons avoid disruption and empty stores, but will not aid the cost-cutting plans for

Aengus McMahon19 June 2024MORRISONS

Boparan - comment

The Q3FY24 results were stronger than expected as Boparan once more produced the proverbial chicken from a hat in a refinance year. We still expect the refinance in

Aengus McMahon18 June 2024BOPARAN

SBB – Every little helps.

Please find slightly our updated model here.

Getting the Residential deal done is still the game changer, but not much concrete has happened regarding finding a partner or getting an IPO away. The proposed exchange offer from

Aengus McMahon18 June 2024SBB

ASDA -comment

The increase in outsourcing at ASDA is inevitable as the company de-links from Walmart's systems. The company has promised to improve

Aengus McMahon17 June 2024ASDA

Morrisons - comment

CEO Rami Baitiéh has highlighted the need for operational improvements at Morrisons. We are not hearing an alarm bell yet, but losing two

Aengus McMahon17 June 2024MORRISONS