94.4 c/€ is the price at which Intrum uses its tenders for notes from the stash provided by the New Money Notes that’s currently
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Revenue from e-commerce and tech were disappointing as the company reported Consolidated net revenues some €10m below our forecast, impacted by
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[Aengus on behalf of Tomás] Operating cash flow was in line with our forecast at SEK2.4bn, but better-than-estimated asset sales meant that net capex was lower than
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In line with our recent decision to sell our position, the packaging name is said to be struggling to convince suppliers to send their goods. Less than
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The Q2 earnings were better, but the leverage issues will only be resolved with significant increases in property valuations. At present, valuations are
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Please find our updated analysis of Stonegate here.
The 18-Month plan underlying the recapitalisation was presented some 18 months ago, and we’ve had a look for its effects. We’d be cynical to say we didn’t find any, but it has almost entirely been absorbed by demand elasticity and labour cost headwinds, so that
Read MoreWhile we find nothing peculiar about the intensity of the negotiation between the Treasury, creditors and regulators, we concede that we had
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Please find our updated analysis of Altice International here.
We look forward to sharing a more detailed note post the Q2 numbers later this month, but some of you have requested a recapitalisation table, which we share in this analysis. As evidenced by current trading levels, an imminent restructuring may
Read MoreWe recently sold our position in the SSNs, whose deal has been elusive since January of this year. The bonds are due in February, less than
Read MoreThe Utility has drawn its second tranche of the £1.5bn super sr. funding, which on the original math should see it through Q126. The company has worded the
Read MoreDeutsche Bahn’s CEO Lutz has lost his job over the €700m H125 losses at the German train operator. While Deutsche Bahn is state owned, use of the
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Please find our updated analysis on Atos here.
We have remained sceptical of the Atos turnaround story, but many of you have asked us to look at the name again. We have started our analysis from scratch, focusing on the
We have remained sceptical of the Atos turnaround story, but many of you have asked us to look at the name again. We have started our analysis from
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Q2 results fell below our expectations due to continued weakness in the UK and French construction markets. Although the Q2 results were poor, they
Read MoreNothing substantial changed with the announcement yesterday. The PIKs are in a weak position and will be crammed down in a
Read MoreThe USD20m judgement is appealable, so there is no immediate impact on liquidity. The award is USD16.4m plus interest (the interest rate is
Read MoreEnvironment Secretary Steve Reed has signed the appointment of FTI Consulting to advise the government on contingency plans for Thames Water, if negotiations fail
Read MoreS&P has been resetting their expectations for the New Normal equilibrium in UK Pub revenues, ending all allowances and adjustments that
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