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ASDA - comment

More new senior managers for ASDA. Charlotte Rhodes has the CV to head the “own brand” division. Allan Leighton is introducing

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Aengus McMahon26 September 2025ASDA
Mobico - comment

The company has confirmed Deloitte’s formal resignation as auditor of the group, effective 19th of September. We expect that with the deterioration of

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Wolfgang Felix26 September 2025MOBICO
Boparan - Waiting Game - Model Update
Boparan - Waiting Game - Model Update

Please find our updated analysis here.

Boparan has performed better than we anticipated since it completed its refinance in November 2024. We remain concerned that inflation,

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Aengus McMahon25 September 2025BOPARAN
Pasubio - Movement - Positioning
Pasubio - Movement - Positioning

Please find our analysis from earlier this week here. 

The bond movement today has prompted us to re-examine the situation and ultimately cover our short position in

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Tomás Mannion25 September 2025PASUBIO
Isabel Marant - Truth is in the docs
Isabel Marant - Truth is in the docs

Please find our updated analysis on Isabel Marant here. 

Isabel Marant remains a frustrating name for analysts. The bond documentation is extremely porous, and with limited control over the

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Tomás Mannion25 September 2025ISABEL MARANT
Aroundtown - comment

AroundTown has issued a tender document to redeem its 2026 Notes at or close to par and redeem, via a Dutch Auction, some of its

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Tomás Mannion25 September 2025AROUNDTOWN
Birkenstock - comment

The headline is a modest increase in guidance, but we think the €18m acquisition of a facility in Dresden is more important. It underlines the growth

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Aengus McMahon25 September 2025BIRKENSTOCK
Transcom - comment

We are hearing that the largest bondholder is in discussions with Transcom regarding an Amend and Extend to address its

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Tomás Mannion24 September 2025TRANSCOM
Atos - comment

Atos is blowing its own trumpet this morning, having secured a contract with the European Commission’s CLOUD II Dynamic Purchasing

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Tomás Mannion24 September 2025ATOS
BioGroup - comment

BioGroup shareholders have informally appointed Centerview Partners to explore options for an exit. This appears to be at the

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Tomás Mannion24 September 2025BIOGROUP
OHLA - comment

The contract wins in the US are positive, but ensuring the growth is profitable is another question. OHLA has given management at

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Aengus McMahon24 September 2025OHLA, OHL
Accentro - comment

Finally, the StaRUG is approved, and the proposed restructuring can be implemented. This is what should have happened

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Aengus McMahon24 September 2025ACCENTRO
Pasubio - Seeking diversification - Initiation | Positioning
Pasubio - Seeking diversification - Initiation | Positioning

Please find our initiation on Pasubio here.

Pasubio’s recent trading levels have prompted us to take a closer assessment of the company. As PAI seeks to shift its strategic focus away

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Tomás Mannion23 September 2025PASUBIO
The Very Group - comment

The Very Group have promoted Ed Fry, the current Group Finance director, to interim CFO following the resignation of Ben Fletcher. Mr Fletcher was

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Tomás Mannion23 September 2025THE VERY GROUP, VERY
ASDA - comment

ASDA’s new convenience business head has plenty of experience with the company. The major supermarkets spend a considerable amount of

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Aengus McMahon23 September 2025ASDA
Clariane - comment

Clariane is tapping its June 2030 Notes, raising an additional €100m with the net proceeds to be used for

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Tomás Mannion23 September 2025CLARIANE
Victoria - comment

The final blow to the 2028 Noteholders has been delivered via this morning's exchange offer. These holders were already significantly disadvantaged by

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Tomás Mannion22 September 2025VICTORIA
Amara NZero - comment - Positioning
Amara NZero - comment - Positioning

North American energy providers are slashing investments by half in response to the Big Beautiful Bill. This should quite directly hit

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Wolfgang Felix22 September 2025AMARA
Pfleiderer Client Call Update is now available on the website
Pfleiderer Client Call Update is now available on the website

Live Discussion is now available on Pfleiderer’s page.

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Buy SideWolfgang Felix22 September 2025MOBICO
Thames Water - comment

We thought this would happen over the summer, but only now have Thames Water issued their ultimatum to the regulator. The current burden of

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Wolfgang Felix22 September 2025THAMES WATER
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