Cerba - comment

Cerba reported Q3 2024 which showed progress in their turnaround. The company reported €439m revenue in Q3 2024, up by +0.2% which was

Saahil Dey21 November 2024CERBA

Klockner Pentaplast - comment

As part of the wall crossing process in their current refinancing discussions, the German plastic packaging group through its advisers have asked new investors (which are

Saahil Dey21 November 2024KLOCKNER

Branicks - comment

The Bremen asset was not in the €168m of notarised but not closed sales. We estimate the additional liquidity for Branicks will be around

Aengus McMahon21 November 2024BRANICKS, DIC ASSET

Ardagh Group - comment

If the Trivium sale is done via an auction, it will probably be a few weeks away. However, the disposal should happen by 25Q1 and will

Aengus McMahon21 November 2024ARDAGH

Morrisons - comment

The potential closure of the Rathbones business surprises us, but selling a business where Morrisons is almost the sole customer may be

Aengus McMahon21 November 2024MORRISONS

Branicks – The next stage

Please find our updated analysis here.

Branicks has pushed its maturities out and shifted liquidity between itself and ViB via asset sales, although that well is running low as the LTVs are

Aengus McMahon20 November 2024BRANICKS, DIC ASSET

Elior - comment

Elior has posted strong full-year results, and Free Cash flow generation was above our expectations at >€200m. However, this was boosted by a

Aengus McMahon20 November 2024ELIOR

Heimstaden Bostad - comment

Heimstaden Bostad have successfully bought back 90% of the 2026 NOK bonds and 95% of the 2028 NOK bonds via the tender

Tomás Mannion20 November 2024HEIMSTADEN

Grifols - comment

The investment opportunity in Grifols is about to become more interesting as initial indications are the Brookfield take-private bid will be

Tomás Mannion20 November 2024GRIFOLS

Victoria Plc - comment

Before releasing their H1 numbers next Tuesday (26th), the Company has announced the sale of its ceramic business in Turkey. Cash proceeds are

Tomás Mannion19 November 2024VICTORIA

Tullow - comment

What about the LOC? Tullow has downsized its undrawn RCF from $500m to $250m and extended to June 2025, with no mention of the LOC. Tullow has a

Tomás Mannion19 November 2024TULLOW

Klockner Pentaplast - comment

As the primary markets open up to “story” credits, the SVP owned German plastic packaging group appears to be pre-marketing a €2 billion debt refinancing which

Saahil Dey18 November 2024KLOCKNER

Tele Columbus - comment

The EU court rejecting a challenge to the Vodafone acquisition of Cable assets 6 years ago was always the likely outcome. DT’s re-emergence as

Aengus McMahon18 November 2024TELE COLUMBUS

OHLA - comment

OHLA can now proceed with a more straightforward exchange under Spanish law as it has achieved over 90% bondholder support for its

Aengus McMahon18 November 2024OHLA

ASDA - comment

ASDA is slowly clawing back the price support that has hurt margins (for all supermarkets), but there is still a lot of sensitivity to

Aengus McMahon18 November 2024ASDA

Intrum - Update to our thoughts on the valuation

Please find our updated model here.

Intrum’s last quarterly update was mostly incremental, but it did provide a second quarter of evidence of how the Cerberus portfolio is now

Wolfgang Felix18 November 2024INTRUM

Matalan - Will they make it? - Positioning

Please find our updated model here.

Operating momentum has returned to Matalan with a strong performance in September (back-to-school) and October. Despite H1 weakness of £20m in

Glenn Zahn15 November 2024MATALAN

Selecta - Valuation and Recap Model

Please find our updated model here.

Selecta has always been good for disappointment. To be fair, we tried to overlook the warning signs that intensified in Q2, concentrating on that

Wolfgang Felix15 November 2024SELECTA

Rekeep - Steady numbers, refinancing next year.

Please find our model post the release of Q3 numbers here.

Rekeep’s Q3 numbers are broadly in line with the initial focus on the partial drawing (€15m) of the RCF taking the headlines. Q3 always sees a

Tomás Mannion15 November 2024REKEEP

OHLA - comment

OHLA is now highly likely to achieve an acceptance level for the restructuring plan of over 90% from bondholders. The new bond

Aengus McMahon15 November 2024OHLA