Liberty wants to split network assets from customers to boost multiples; Telefonica doesn’t. We expect Telefonica to want to take
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Live Discussion is now available on Mobico’s page.
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Tullow remains without a clear strategic direction, with the first half results offering little additional clarity. Jubilee production came
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We have sold our 2% position in the KP SSNs yesterday for 91.25c/€. It is August, and our January thesis of a satisfactory refinancing of the
Read MoreThe sale of Assurimo to Odealim, another entity owned by TA Associates, promises to be very good news for bondholders. The deal, which mirrors the
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Press reports have the PIK holders appointing White & Case to advise on accepting the restructuring plan put forward by the Ardagh Group. The Ardagh HoldCo PIKs are in a
Read MoreThe new €150m 2032 ICO-backed loan (funding available to companies affected by US tariffs) is great news. The company had been alluding to negotiations, but we
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Overall, the group is tracking our model very closely, except that reported divisional revenues at S.A. level include LEO revenue, something we have
Read MoreASDA needs to raise cash to fund price support, and management had already said that Sale and Leasebacks could be part of that. The recently issued
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The pub operator reported results on Friday - without a call, as those are reserved for half-years. Management must be commended for doing a great
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The Q2 2025 numbers did not contain any surprises. We still forecast FY revenue at $1.1bn and EBITDA of around $500m. The company generated
Read MoreIt appears there may be IT issues, or perhaps the upcoming restructuring, which has affected Cerba’s investor relations site, resulting in the removal of all historical financial results. Fortunately,
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Despite the restructuring process of prior years, Atos's results are difficult to comprehend, given that the Company embarks on a further
Read MoreThe Drax results yesterday, and management’s subsequent comments, reaffirm our view that Graanul will remain under pressure post FY26. We view the
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Q2 had slightly better revenues than we expected, but at slightly worse margins. One-offs were, however, more significant than modelled, and so
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A brief update ahead of AMS Osram’s analyst call this morning. The Q2 results were largely expected, following guidance from the
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