Adler Pelzer - comment

We are reading news reports or rumours that Adler Pelzer, advised by Barclays, have begun working on the refinancing. The solution is

Wolfgang Felix9 October 2025ADLER PELZER

Worldline - Of Overdrafts and Pies - Model Update - Positioning

Please find our updated analysis here.

On our credit call yesterday, we decided that before going long the name at some point in the future, we would go short for the next two months. Names are

Wolfgang Felix9 October 2025WORLDLINE

Consolidated Energy - comment

Bonds have softened recently, though without any notable new developments. Two minor news items may be affecting sentiment, but neither is

Aengus McMahon8 October 2025CONSOLIDATED

Ocado - comment

A bearish note on Ocado is pressurising the equity. Our worst-case scenario is that the Kroger rollout is halted; this equity note presumes two

Aengus McMahon8 October 2025OCADO

ASDA - comment

Around 4,500 of the 30,000 SKUs in a large ASDA store are now being discounted. ASDA is trying to get suppliers to bear some

Aengus McMahon7 October 2025ASDA

OHLA - comment

Fitch’s B- corporate rating will help OHLA, as Moody’s Caa1 family rating excludes some investors from participation in the

Aengus McMahon7 October 2025OHLA

Aston Martin - comment

The profit warning is primarily driven by lower volumes, following a weak Q2 and a significant deceleration in sales in Q3. However, the group ended Q3 with

Aengus McMahon6 October 2025ASTON MARTIN

Emeria - The drift - Model update

Please find our updated analysis on Emeria here.

France’s problems have been weighing on Emeria for several quarters and have gotten worse recently. Lecornu’s resignation on the morning after Macron named his

Wolfgang Felix6 October 2025EMERIA

Ocado – Unexpected items - Positioning

Please see our updated analysis here.

Ocado has been rocked by the decision by Kroger to review its online strategy. We think the impact on the SUNs is relatively small, as we

Aengus McMahon3 October 2025OCADO

Maxeda - comment

Maxeda management are clutching their purse ahead of the A&E showing a frugal performance in Q2. Revenues (only the big boxes are

Wolfgang Felix2 October 2025MAXEDA

ASDA - comment

ASDA has completed the separation of its IT systems from Walmart, so losing the head of IT after only 15 months in the job is not as

Aengus McMahon2 October 2025ASDA

Thames Water - comment

No standing by. Ahead of the referral to the CMA on Oct. 22nd, the creditor group has revamped its proposal to incorporate the fines that the

Wolfgang Felix2 October 2025THAMES WATER

Pasubio Client Call and Presentation are now available on the website

Pasubio Client Call is now available on Pasubio’s page.

Martha Felix1 October 2025PASUBIO

Thames Water - comment

A commitment not to sell Thames Water before 2030, or the success of its turnaround carries a signal, even if cynically one could argue it

Wolfgang Felix1 October 2025THAMES WATER

Worldline - comment

Worldline continues its management reshuffle (previously announced in August) with the appointment of Madalena Cascais Tomé as

Wolfgang Felix1 October 2025WORLDLINE

Victoria Plc - comment

Philippe Hamers, Group CEO of Victoria Plc, has announced his intention to retire in the middle of next year. The timing makes some sense,

Tomás Mannion1 October 2025VICTORIA

Ardagh Group - comment

We expect the consent solicitations to succeed; even if the PIKs hold out, they will simply force a court process that will result in

Aengus McMahon30 September 2025ARDAGH

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

Wolfgang Felix29 September 2025WORLDLINE

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

Tomás Mannion29 September 2025BIOGROUP

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.

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