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Worldline - Almost there - Initiation
Worldline - Almost there - Initiation

Please find our initiation of Worldline here.

The Wirecard scandal sits deep in everyone’s mind, even if unspoken of in this context; despite negative press and widespread investigations, it is

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Wolfgang Felix29 September 2025WORLDLINE
BioGroup - All eyes on the shareholders - Model Update
BioGroup - All eyes on the shareholders - Model Update

Please find our updated analysis on BioGroup here.

Given the spread widening during the Summer, we have re-visited the investment case for a long trade. The sub bonds are attractive, and given that

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Tomás Mannion29 September 2025BIOGROUP
Client Call Presentations – Now on Our Website
Client Call Presentations – Now on Our Website

As per popular demand, we’ve made the Client Call presentations available as part of our new Client Call layout.

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Martha Felix26 September 2025ATOS, HOUSE OF HR, KLOCKNER, MOBICO, PFLEIDERER
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
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