The €269m (2029 maturity) Apollo loan adds more senior debt ahead of the SUNs. The new loan repaid ABL drawings, but the ABL is still available. In the event of

Aengus McMahon12 November 2024ARDAGH

ASDA/Morrisons - comment

The loss of a senior executive to Morrisons before he even started work at ASDA is not a good look. However, the relative stability of Morrisons is

Aengus McMahon12 November 2024ASDA, MORRISONS

AMS Osram - Uncertain Future.

Please find our updated analysis here.

Although Q3 numbers and the Company’s guidance for Q4 and Q1 are similar to our projections, the release has left us with some doubt about the

Tomás Mannion11 November 2024AMS, OSRAM

ASDA – Buying Time.

Please find our slightly updated analysis here.

Top-line headwinds remain for ASDA; the Future project to separate the ASDA and Wal-Mart systems is a drag on sales volumes and customer satisfaction. However,

Aengus McMahon11 November 2024ASDA

Thames Water - comment

The Class B proposal was submitted to the company last week after finally obtaining commitments from funds within the group. The key difference from the

Glenn Zahn11 November 2024THAMES WATER

Eutelsat - The Sky Is Falling Slowly - Positioning

Please find our initiation here.

"Chasing too many rabbits at the same time": Eutelsat is facing the perfect storm of declines in half of its revenues, a large capex bill for the medium term to

Saahil Dey8 November 2024EUTELSAT

ASDA - comment

Another disappointing quarter for topline, with food revenues -4.8% (-3.0% YTD). The issues in Q2 have not been resolved yet and we expect some further

Aengus McMahon8 November 2024ASDA

Flora/Upfield - comment

The Dutch plant-based food group released strong Q3 2024 results yesterday. The highlight of the quarter was positive volume growth for two of the

Saahil Dey8 November 2024UPFIELD, FLORA

Grifols - comment

Grifols released strong Q3 numbers ahead of our market expectations, driven by stronger Biopharma revenue. The business continues to

Tomás Mannion8 November 2024GRIFOLS

Victoria Plc - Cyclical or Structural?

Please find our model on Victoria Plc here.

Victoria has seen an 18-month downturn in demand, which has reduced EBITDA from c. £150m to an expected £60m for FYE Mar-'25. The Company has

Tomás Mannion7 November 2024VICTORIA

HSE 24 – Biding your time - Positioning

Please find our new analysis here.

HSE suffers from an ageing customer base and an economy (Germany) with weak consumer confidence, but the business still generates cash, and the

Aengus McMahon7 November 2024HSE24

Branicks - comment

Management has affirmed its full-year guidance, which is a positive for the bonds. Our thesis is unchanged, and we still expect an amend and extend

Aengus McMahon7 November 2024BRANICKS

AMS Osram - comment

AMS Osram released its Q3 results in line with previous guidance. Quick observations include weaker guidance for Q4 2024 and Q1 2025, with the

Tomás Mannion7 November 2024OSRAM, AMS

Selecta - comment

Selecta yesterday reported dreadful results. The thesis that the Olympics and football would drive revenues as the Germany Worldcup did back in 2006 did not play out in an

Wolfgang Felix7 November 2024SELECTA

Thames Water - comment

While on TW groups are emerging and positioning themselves with or without proposals, Southern Water are only one notch above junk now at

Wolfgang Felix6 November 2024THAMES WATER

Grifols - comment

Sources close to Brookfield have indicated they are still pursuing the take-over of Grifols. This is in response to newspaper reports earlier this week that

Tomás Mannion6 November 2024GRIFOLS

Accentro - comment

Accentro was never going to be able to make the €65m bond redemption in December, hence the restructuring. This proposal will

Aengus McMahon5 November 2024ACCENTRO

Adler - comment

Various asset sales: LEG, who already hold the minority share, today announced the acquisition of most of Adler's stake in Back. The price accurately reflects our

Wolfgang Felix5 November 2024ADLER

Atos - comment

Our main concern with the restructuring proposal which Atos is progressing through the courts is the business remains over-leveraged. We keep an eye on

Tomás Mannion5 November 2024ATOS

OHLA - comment

The OHLA restructuring presentation contains no surprises. If the process is consensual, the deal will be completed in December. If the consensual deal fails, then

Aengus McMahon4 November 2024OHLA, OHL