A Swedish media report claims that the Resi business will announce an IPO shortly. Given the quiet IPO market, we would be surprised if this
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Disposing of the European business will reduce leverage at Boparan. The Boparan family office is paying €200m, and we estimate the disposal will reduce
Read MoreThe announcement from AMS Osram was a disappointment. Not for what it said, (the sale announced in May has closed, with the receipt of €45m) but for what
Read MoreAtos has again revised their projections downwards for 2024-2027. Management are expecting yet lower top-line revenue, driven by underperformance in the
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The H1 results contained no surprises; a modest €150m downward revaluation on €17bn of assets echoes recent sugestions from other RE companies that
Read MoreHeimstaden Bostad issued SEK 1.1bn 3yr notes at STIBOR plus 240bps, their first unsecured issuance since early 2022. The spread is c.120bps wider than
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While the credit story seems to going in the direction we laid out in our initiation, we will review our position post-call this week. Cerba reported Q2 2024 results of
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The company underperformed our Q2 2024 revenues by EUR 28 million (by nearly 6%) due to lower pharma volumes, rigid films and reduction in raw material and
Read MoreOriflame published a pre-recorded call yesterday and announced the transfer of four subsidiaries out of the restricted group, stating: "we are in active discussions to
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While most of us try to imagine the future capital structure and which creditor class will take a haircut (answer all!), the underlying business continues to
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Ignoring tax credits (which were related to the energy crisis in FY22/23) this is the highest LTM EBITDA in the last 10 years. Revenue continues to grow, mainly due to
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As always, plusses and minuses when it comes to the Altice story. On the plus side, management was very clear that the proceeds from the Teads sale would be
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We are closing out our position in Emeria. Having lost two points and some carry, we are unwinding this position in line with timing originally outlined in our
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In early July, Standard Profil issued a trading and outlook update, reflecting the recent BEV sales slowdown by some OEM customers, across the market specifically
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An inability to pass through higher costs to clients continues to drag on Atalian’s results; the company also admitted that full recovery of higher wages will not happen in
Read MoreIn the end it was a little faster than we thought. Intrum have passed the 66+2/3% support level among noteholders for their restructuring
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No questions this morning on the Adler call as the meaty issues are not suitable for public discussion on a call. Notably, the yielding portfolio received a
Read MoreThe immediate impact of the Thames Water (TW) response to the OFWAT determination is negative for the bonds but does not change the outlook much. As we said earlier
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Across the board, Q2 results were slightly stronger than expected, but not by a long way. We continue to see the company requiring fresh
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