Without another Balance Sheet Velocity (asset sale/layering) transaction, Cash EBITDA leverage is naturally creeping up. However, we have not been
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Adler, now under Karl Reinitzhuber, are out this morning with a presentation that largely only documents the restructuring we all have already
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Production, as always, is the key. Tullow Oil released its November trading statement confirming its full-year guidance. But behind the headline, there are
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Clarity isn’t Altice’s forte and further muddying of the numbers in Altice International’s Q3 release. Altice International have divested/moved the
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In line with the downturn in the auto parts industry, the Spanish auto parts group reported Q3 results that were reflective of the industry. Revenues declined by
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Like other real estate entities, AroundTown’s operational data continues to improve quarter-on-quarter. Asset revaluation is reaching a trough now, coupled with
Read MoreThe saga appears over, with Brookfield walking away from making a bid. We have stayed on the sidelines on this deal, not liking the asymmetry of
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Some relief for SBB that the writedown pace is reducing (>SEK5.5bn YTD but <SEK1bn in Q3). SBB needs the Real Estate market to continue to
Read MoreShareholders have formally agreed to their dilution under the restructuring plan by allowing share issuance in excess of 10% - conditional upon a
Read MoreThe Swedish BPO operator got downgraded by Moody’s to Caa1 from B3 and its probability of default rating to Caa1-PD from B3-PD. Moody’s also
Read MoreKingfisher’s reported Q3 French LfL sales down 4.3%, led down by Castorama. Consequently, Maxeda’s bonds dropped into the low 70s, but in our opinion, that
Read MoreASDA will take time to turn around, but we still see significant equity under the bonds. The new Chair’s business plan will be published by
Read MoreHeimstaden Bostad sold 380 residential units in Sweden to Hemvist, a fully owned subsidiary of Käpan, the Swedish employee pension fund for
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Victoria Plc released their full H1 24/25 numbers, with investors focusing firmly on the outlook. There was no mention of negotiations with bondholders with
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TC will need to start adding premium TV and Fibre customers quickly over the next few quarters to stay on track, but so far the revenue fall is
Read MoreThe departure of Stuart Rose as chair is a disappointment in the absence of a new CEO. However, Allan Leighton will take on an executive
Read MoreThe ratchet system in place with the supermarkets regarding feed prices is the primary reason the CMA is preventing (for a second time) the
Read MoreRing the bell, the historic stress in the real estate credit market is behind us. Or at least that is what it appears to be, with Heimstaden Bostad tendering
Read MoreThe French state, determined to buy the Advanced Computing segment from Atos, has resubmitted a non-binding offer of €500m with exclusivity
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