Grifols - comment

Yesterday’s results are further confirmation that Grifols are exiting our space, with 10% revenue growth, 25% EBITDA margins and

Tomás Mannion27 February 2025GRIFOLS

SES/Intelsat - comment

We somehow struggle to see how a sovereign like Luxembourg will have itself diluted the way a US activist fund would like to see it. Management did emphasize on yesterday’s call that

Wolfgang Felix27 February 2025SES

OHLA - comments

With OHLA having completed the recapitalisation in 25Q1, the FY24 results are a sideshow, but were ahead of our expectations. Our focus will be o

Aengus McMahon27 February 2025OHLA

Emeria - Let it bloom - Positioning

Please find our unchanged analysis of Emeria here.

We have been singing the song for some time, but following an initial short in the name were keen not to flip-flop from short to long in one transaction. Emeria is

Wolfgang Felix26 February 2025EMERIA

HSE24 - comment

If the company has appointed advisors, this is positive for bondholders. The sooner the debt is restructured, the better. There is little point in the company waiting until

Aengus McMahon26 February 2025HSE24

SES - comment

A strong call from management this morning. Operating results are overall as expected, but Media with a better result and Networks with a worse result than

Wolfgang Felix26 February 2025SES

Altice SFR France - comment

We had expected the announcement yesterday, but Altice the cleansing statement outlining the proposed deal only reached us today. Creditors have until March 12th to accede to the

Tomás Mannion26 February 2025ALTICE, ALTICE SFR

Amara NZero - videos

Amara NZero videos are available on the website, here.

Martha Felix25 February 2025AMARA

Altice SFR France - comment

We were expecting an announcement this morning from the Company confirming a proposed deal between creditors and the Company. Some details are emerging from

Tomás Mannion25 February 2025ALTICE, ALTICE SFR

Clariane - comment

Clariane released its FY24 financials last night. The numbers for FY24 are in line with previous guidance. Clariane is enjoying a good trajectory operationally coupled with

Tomás Mannion25 February 2025CLARIANE

Klöckner Pentaplast - comment

So we were wrong about the popularity of the deal for the SUNs. As of Friday, 87% of SUN holders had signed up to the somewhat coercive deal. We had expected a

Wolfgang Felix24 February 2025KLOCKNER

ASDA - comment

An extension for ASDA to complete its separation from Walmart's IT systems makes sense as Walmart retains an equity interest in ASDA. The project has

Aengus McMahon24 February 2025ASDA

Birkenstock - comment

With a price point of nearly €60, Birkenstock is inevitably going to attract cheaper competition. Birkenstock is aggressively trying to prevent

Aengus McMahon24 February 2025BIRKENSTOCK

Kem One - comment

Kem One bondholders have organised under law firm Paul Hastings, to provide additional new money or, more importantly, to ensure any new money providers don’t

Tomás Mannion24 February 2025KEM ONE

Altice International/Altice SFR France - comment

Don’t get too excited. Press over the weekend reports that Altice is seeking to exit its fibre JV OXG with Vodafone. Firstly, this is Altice Luxembourg SA, the

Tomás Mannion24 February 2025ALTICE, ALTICE SFR, ALTICE INTERNATIONAL

Rekeep - comment - positioning

Rekeep will redeem its existing notes today, February 21st. This exits our successful long position in these bonds, initiated in

Tomás Mannion21 February 2025REKEEP

Birkenstock - comment

Q1 was a strong quarter, but management maintained guidance for FY2025 due to macroeconomic uncertainty (including tariffs). We expect little change in the

Aengus McMahon21 February 2025BIRKENSTOCK

Victoria Plc - comment

Moody's downgraded Victoria plc Senior Secured bonds to Caa1 from B3 keeping outlook negative, driven by the refinancing risk associated with upcoming

Tomás Mannion21 February 2025VICTORIA