OHLA has got its €50m Right Issue away, whilst our analysis shows the company had the cash to pay the Kuwait judgement, the cash buffer is enhanced. Governance at
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Q2 results were ahead of our expectations. Improved cost absorption at Birkenstock’s new plant and rising volumes pushed gross margin up by
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Flora released its Q1 results yesterday, which came in slightly below expectations. There were a few mitigating factors, including the
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So far, as regards defence contracts, Eutelsat is losing faster in the US than it is gaining in Europe. Management on the call did not go into
Read MoreThe Very Group has launched its Tender Offer for the £575m 2026 Bonds today. The initial view of the New Deal is that it is excessively
Read MoreThames Water disclosed a near 99% consent rate on its second request yesterday and that it would prepare for the
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Management is not seeing demand deteriorating further, which is encouraging. As regards FY24 figures, revenue and EBITDA were only just
Read MoreWe are sceptical that a deal is imminent as Telefonica buying out Liberty’s VMO2 stake would threaten the Spanish company’s Investment
Read MoreBonds dropped on what we believe to be a reaction from the Intersolar, which must have been a morbid affair this year. We don’t think Amara will run out of
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We note that the indicated Q125 outperformance is only on weather related products and does not indicate a change in trend. Regardless, bonds
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Grand City Properties continues to benefit from robust fundamentals in the German residential market, where supply shortages and broader
Read MoreAtos is holding its Capital Markets Day in Paris today, unveiling a new four-year strategic plan following the completion of its financial restructuring in
Read MoreFollowing the release of AMS Osram’s Q1 results, management is currently engaging with both equity and credit investors. The only feedback
Read MoreThe impact on bondholders here is small, the leverage in the acquired asset is 5.5x (above the level at VMO2), but at <4% of the VMO2 debt stack, it is
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AMS Osram has launched a consent solicitation for its convertible bonds to amend the guarantees, making it rank pari passu with the rest of the
Read MoreTime is ticking. We are revisiting the name after receiving several questions about it. The bonds have been stuck in the mid-80s since April as doubts
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The call shows that SBB slowly continues to rehabilitate its balance sheet. The problems at the Holding Company remain, but SBB has some time
Read MoreWe would not bet against OHLA getting the additional buy-in from minorities to make the 25% shortfall in its €50m capital raise when it
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