AroundTown - comment

AroundTown are extending its debt maturities and has launched a new 5-year fixed at c.215bps over, the proceeds of which wil

Buy Side, Sell SideTomás Mannion6 May 2025AROUNDTOWN

Victoria Plc - comment

Victoria Plc issued a trading update for the year ending March 2025, confirming revenue to be at least £1.11bn and that EBITDA margins will broadly

Buy Side, Sell SideTomás Mannion6 May 2025VICTORIA

Modulaire - Speaking Volumes

Please find our new analysis, here.

Modulaire protected cash flow by cutting capex, and with assets that can last 25 years or more, it is a trick that they repeat whilst they wait for

Buy SideAengus McMahon2 May 2025MODULAIRE, ALGECO

Ocado - comment

The 11% coupon on the new £300m SUN is cheaper than raising equity. Also, coming within the price talk (albeit the wide end), the sticker shock for

Buy Side, Sell SideAengus McMahon2 May 2025OCADO

VMEDO2 - comment

Q125 operating results were slightly below our expectations. We expected additions but both mobile and fixed shed customers. The largest part of

Buy Side, Sell SideAengus McMahon2 May 2025VMEDO2

OHLA - comment

OHLA will need to raise at least €33m from shareholders outside of the Amodio family and the various consortia that entered the

Buy Side, Sell SideAengus McMahon1 May 2025OHLA

Boparan - comment

Congratulations to Ranjit Boparan for finishing the London Marathon and raising £140k for charity.

Buy Side, Sell SideAengus McMahon1 May 2025BOPARAN

SES/Intelsat - Incremental

Please find our updated analysis of SES here.

News were only incremental yesterday as management only put finer points on some of the information it had already provided earlier in the year. The most

Buy SideWolfgang Felix1 May 2025SES

AMS Osram - a change in tack

Please find our updated analysis post Q1 2025 results here.

We had previously pointed out that AMS Osram was more of an equity story than and credit, but with company management accepting asset sales are

Buy SideTomás Mannion30 April 2025AMS, OSRAM

Selecta - comment

So we missed the subtitles the other day. The restructuring is agreed. As far as we interpret the cryptic note, substantially all bonds will equitise via

Wolfgang Felix30 April 2025SELECTA

Lowell - comment

The debt collector has reached the outstanding agreement with its RCF lenders, which for some time suffered from providing insufficient incentives. We

Buy Side, Sell SideWolfgang Felix30 April 2025LOWELL

Emeria - comment

A downgrade is "not an option” were the words from management on the last call. Moody’s downgrade was on the cards, and apparently,

Buy Side, Sell SideWolfgang Felix30 April 2025EMERIA

Aston Martin - comment

Q1 was as weak as the guidance given in the FY results. We are not changing our FY forecasts yet but will update after the 0830 analyst webcast. Volumes were

Buy Side, Sell SideAengus McMahon30 April 2025ASTON MARTIN

Viridien - comment

The Q1 numbers were strong. DDE (data business) benefited from NOCS and E&P majors gearing up for a stronger drilling environment. The SMO (manufacturing) business saw a

Buy Side, Sell SideAengus McMahon30 April 2025VIRIDIEN

Tele Columbus - comment

The numbers point to some progress in adding customers, with 2025 guidance pointing to additional, if slow, progress. The company forecasts flat revenue in

Buy Side, Sell SideAengus McMahon30 April 2025TELE COLUMBUS

AMS Osram - comment

The numbers were slightly ahead of guidance, but that is not the pertinent issue for AMS Osram. Details are a little light, but the Company has acknowledged the need to

Buy Side, Sell SideTomás Mannion30 April 2025AMS, OSRAM

Antolin - comment

The financials were very much on target in Q4, but they were already guided and won’t be the focus of today’s call. The presentation includes only a

Sell SideWolfgang Felix29 April 2025ANTOLIN

Aroundtown - comment

Sell Side, Buy SideTomás Mannion29 April 2025AROUNDTOWN

Cerba - comment

The call currently is ongoing, but the initial view of the numbers is worse than we expected. Liquidity will remain tight going forward and we fully expect the

Sell SideTomás Mannion29 April 2025CERBA

Adler - comment

The Berlin portfolio - the yielding assets to which Adler has been reduced - has seen its first value write-up in H224. This is a significant turnaround for Adler. The company ha

Sell SideWolfgang Felix29 April 2025ADLER