Please find our updated analysis here.

Despite all of the noise, at its heart, SBB is still an over-leveraged business reliant on surviving long enough for a rising real estate market to bail it out. We expect management will sell

Buy SideAengus McMahon13 March 2025SBB

Altice SFR France

Altice France has received sufficient creditor consent to proceed with the proposed restructuring. However, they have extended the deadline to the

Buy Side, Sell SideTomás Mannion13 March 2025ALTICE SFR, ALTICE

Cerba - comment

Unconfirmed, but Cerba is rumoured to have appointed Houlihan Lokey to advise on its outstanding debt, which has applied further pressure to the trading level of

Buy Side, Sell SideTomás Mannion13 March 2025CERBA

OHLA - comment

Moody’s upgrade takes OHLA out of the Caa range and will allow rating-constrained investors to take positions in

Buy Side, Sell SideAengus McMahon13 March 2025OHLA

ASDA - comment

The job cuts are mainly contractors hired for the IT project that is now ending. This is more natura

Buy Side, Sell SideAengus McMahon13 March 2025ASDA

Maxeda - Of Fundamentals, Valuations, Recaps, A&E/LMEs and Dividends

Please find our updated analysis of Maxeda here.

We’ve been long the name last year, while looking for a margin improvement that only came once we had given up. By itself, that improvement is not going to

Buy SideWolfgang Felix12 March 2025MAXEDA

Ardagh - comment

The pain in the debt restructuring proposal will fall mainly on the SUNs, but everyone is being asked to pitch in. The SSNs will be exchanged for new SSNs at Ardagh Group

Buy Side, Sell SideAengus McMahon12 March 2025ARDAGH

Intrum - comment

Nothing to see here. The company is progressing towards deals with its creditors. Under the LUA it will be seeking formal approval to apply

Buy Side, Sell SideWolfgang Felix12 March 2025INTRUM

Branicks - comments

The FY 24 results were broadly aligned with our expectations. We expect an A&E for the bonds in H2. Devaluation of property is slowing (-6%) in 2024, but there should be

Buy Side, Sell SideAengus McMahon12 March 2025BRANICKS

Thames Water - comment

Today, we will be hearing challenges to the A-Plan. We expect none of those to really stick. Nonetheless, Thames Water have been duly making

Buy Side, Sell SideWolfgang Felix11 March 2025THAMES WATER

Viridien - comment

Refinancing the USD/EUR notes due 2027 was raised as an option during the FY call. The new SSNs will push the maturities out to 2030. Interest costs will

Buy Side, Sell SideAengus McMahon10 March 2025VIRIDIEN

VMEDO2 - Live Discussion videos

VMEDO2 Live Discussion videos are available on the website, here.

Buy SideAengus McMahon7 March 2025VMEDO2

PizzaExpress - comment

Sky News carrying an article on the €30m equity injection suggests the transaction is gathering steam. We still have a notional equity position in the

Buy Side, Sell SideWolfgang Felix7 March 2025PIZZA EXPRESS

HSE24 – Accelerate - Positioning

Please find our slightly amended analysis here.

According to press reports, HSE24 is now talking to its creditors. We do not think an A&E operation that doesn’t reduce debt at HSE 24 will fix the balance sheet. The sooner this

Buy SideAengus McMahon6 March 2025HSE24

Morrisons - comment

The senior appointments made at Morrisons show CEO Rami Baitiéh stamping his authority on the business. Revamping the

Buy Side, Sell SideAengus McMahon6 March 2025MORRISONS

Eutelsat - Live Discussion videos

Eutelsat Live Discussion videos are available on the website, here.

Buy SideWolfgang Felix6 March 2025EUTELSAT

Eutelsat - Better Lucky than good - Positioning

Please find our updated (prices) analysis here.

So we got lucky. We were mentioning the defence contract in our deliberations, but it certainly wasn’t the driver for our decision to take the short off and

Buy SideWolfgang Felix5 March 2025EUTELSAT

Atos - comment

With a new CEO, Atos’s 6th in the last 2 years, the Company were unwilling to offer any guidance, instead reminding that the Company are going to hold a Capital Markets Day on

Buy Side, Sell SideTomás Mannion5 March 2025ATOS

OHLA - comment

Mohari was always in pole position to buy OHLA’s 50% stake in Canalejas. We see recent arbitration claims from Mohari as part of the price

Buy Side, Sell SideAengus McMahon5 March 2025OHLA

Ocado - comment

We still maintain that the row between Ocado and M&S is a negotiating point regarding the price that M&S will eventually pay to buy

Buy Side, Sell SideAengus McMahon5 March 2025OCADO