So Adler Pelzer's EBITDA has been outperforming our forecast recently, even if at the cash level we haven’t seen the difference, but the call may just have provided the answer as to why. There appears to be a €20m reclassification of R&D expenses into CapEx, as new launches are being postponed. The performance is therefore
Read MoreNoteholders get to claim their shares and sign up for the New Money Notes between today and Friday 20th of June. We are not pretending to be
Read MoreArdagh Group will want to clear the legal challenge by Arini and Canyon before finalising a deal with creditors. Currently, the only transaction under
Read MoreThe amount of cash is less important than the fact that the banks are not convinced that transparency at OHLA has improved after the
Read MoreAcquiring CityFibre would be marginal for Liberty/Telefonica unless the assets were acquired at a significant discount. Any potential purchase of
Read MorePlease find our updated analysis of Emeria here.
It is June, and the end of Q225 is less than a month away. If the WC outflow still represented a problem, we’d have heard of it now. It’s inflows from here. The company’s strong market position in France should allow it to hold on to the Phenix cost savings, and
Read MoreSES have announced Elizabeth Pataki as the new CFO, effective the week after next. She is from the industry, with 20 years of experience, she is
Read MoreOperationally Britains favourite pizza chain remained well on forecast. The only major differences were in Working Capital, which produced
Read MoreWe are wondering. We’ve shown the other day what the narrow path to making money looks like for TW and its investors and it’s clear that
Read MoreShareholders are repositioning themselves as France is about to double their position in the company, and Sunil Mittal considers following
Read MoreThe Ghanaian Government (Ghana National Petroleum Company) have signed a Memorandum of Understanding to extend oil
Read MoreRTÉ, Ireland’s national broadcaster, is set to air a documentary this evening exposing multiple care deficiencies and instances of
Read MoreThe malaise in Atalian’s French business is not going away. The Marseille Metro contract looks to be plagued with
Read MoreA new marketing director with a background in e-commerce is a good fit for Morrisons as it looks to combat the
Read MoreWe are shooting first and will ask questions later. Having followed the name for some time now and being satisfied with our predictions so far, we think the business can
Read MoreOcado aims to avoid costly equity issuance for now and prefers high-coupon, non-dilutive debt. Today’s transaction will increase the
Read MoreAston Martin remains vulnerable to further shocks in the US, but we expect the risks to be receding for now. The potential impact on
Read MoreIf the rumour of a £200m sale and leaseback deal is true, this would add around £14m to interest costs. Morrisons has no
Read MoreQ1 25 results were above our expectations in terms of revenue and margins and in line regarding working capital outflows, as suppliers shortened their
Read More
