CPI Property Group - comment

The sale price is undisclosed, but we estimate the gross value to be around €82 million. The hotel has 364 rooms, and we estimate the

Aengus McMahon26 June 2025CPI

HSE 24 – Something for everyone.

Please find our updated analysis here.

HSE 24 has executed its restructuring quickly and well ahead of our schedule. In return, there has been no debt-equity swap, and Providence/ICG will

Aengus McMahon25 June 2025HSE24

Clariane - comment

Clariane has issued a new 5-year, €400m Senior Unsecured bond, priced at 7.875%. Pricing tightened from 8.25% with the Use of Proceeds to

Tomás Mannion25 June 2025CLARIANE

SBB Norden - comment

Sveafastigheter tapping its 2030 SUNs at just above par is a positive for SBB Norden as it demonstrates that the subsidiary companies

Aengus McMahon24 June 2025SBB

Modulaire Group - comment

Modulaire's new €1bn TLB pushes bank maturities out to June 2031 from June 2028. The cost of the new TLB is similar at 7% (margin is 25bp higher

Aengus McMahon24 June 2025MODULAIRE

OHLA - comment

The banks are not happy with governance at OHLA. The relationship between the Amodio brothers and their lenders has been poor, and the

Aengus McMahon24 June 2025OHLA, OHL

Flora - comment

Flora is holding a roadshow later today. Details are emerging, but we expect it will be to refinance its outstanding sub bonds.

Tomás Mannion24 June 2025FLORA, UPFIELD

Maxeda - comment

Maxeda requires a strong tailwind to assist in a likely amend and extend of its upcoming maturities. Hornbach’s Q1 numbers show

Wolfgang Felix24 June 2025MAXEDA

OHLA - comment

Concern over liquidity resulted in the downgrade to Caa1. Moody’s review provides some clarity around the reason for the cash raise,

Aengus McMahon23 June 2025OHLA

ASDA/Morrisons - comment

Morrisons’ comment that competition remains significant but rational is supported by the latest data from The Grocer. ALDI/Lidl are

Aengus McMahon23 June 2025ASDA, MORRISONS

Atalian - comment

The Marseille Metro contract is a microcosm of the problems Atalian faces in its French business. The previous cleaning company

Aengus McMahon23 June 2025ATALIAN

Selecta - Conviction - Positioning

Please find our updated analysis of Selecta here.

In light of the spectacular collapse of Selecta revenues in H224, it is naturally with great scepticism that we view unsubstantiated growth

Wolfgang Felix20 June 2025SELECTA

Eutelsat - comment

Following its announcement of a large framework agreement with the French armed forces, Eutelst went further yesterday afternoon in also

Wolfgang Felix20 June 2025EUTELSAT

Morrisons - comment

Strong cash flow and recovery from the Hacking issues in Q1 were a relief. Higher taxes will be a headwind in H2, but management is still

Aengus McMahon20 June 2025MORRISONS

Ardagh - comment

Ardagh Group can support its senior debt, reinstating the SSNs with an uplift in coupon, with the SUNs getting the equity is the

Aengus McMahon20 June 2025ARDAGH

OHLA - comment

We believe the Canalejas arbitration was always a price negotiation; the settlement should pave the way for the asset to be sold

Aengus McMahon20 June 2025OHLA, OHL

Eutelsat - comment

The company has disclosed a 10-year framework agreement with the French DGA (Defence Procurement Agency) in the context of the

Wolfgang Felix19 June 2025EUTELSAT

Lowell - comment

Following a protracted negotiation with its RCF and since then a number of extensions, Lowell yesterday (on the evening of its

Wolfgang Felix19 June 2025LOWELL

ASDA - comment

The new €700m 8% 2031 SSNs will increase the cash interest bill by €33m. However, the new issue also pushes out ASDA’s next

Aengus McMahon19 June 2025ASDA

SES / Intelsat - comment

SES are moving closer to replacing the acquisition of Intelsat. The company priced two €500m tranches at 4.125% and 4.875% for

Wolfgang Felix18 June 2025SES, INTELSAT