Adler Pelzer - Second time lucky! - Model Update - Positioning

Please find our updated analysis of Adler Pelzer here.

We had been short this name at the end of last year, but this time there is a more concrete set of catalysts, including a relatively hard stop around

Wolfgang Felix16 October 2025ADLER PELZER

Morrisons - Securing the hatches - Model Update

Please see our updated analysis here.

Morrisons is being squeezed by the growth of the discounters and the cost cuts from ASDA. Leverage is already high and will continue to rise in

Aengus McMahon16 October 2025MORRISONS

Antolin Idea Pitch Video Now Available

Antolin Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Antolin page.

Wolfgang Felix16 October 2025ANTOLIN

Morrisons - comment

The in-store pharmacy business at Morrisons is worth about £170m, so a sale would be useful but not game-changing. The rationale behind owning

Aengus McMahon16 October 2025MORRISONS

Transcom - comment

Cecilia Bergendahl was appointed interim Chief Financial Officer in August 2025. Yesterday, Transcom announced that she will

Tomás Mannion16 October 2025TRANSCOM

Clariane - Viewed as two companies - Model Update - Positioning

Please find our updated analysis on Clariane here.

We maintain that the best way to analyse Clariane is to construct a theoretical PropCo and OpCo structure, which enables greater clarity

Tomás Mannion15 October 2025CLARIANE

Antolin - The long and the short of it - Model Update - Positioning

Please find our updated model on Antolin here.

The hunt may be on for underperforming European auto suppliers, and Antolin is a well-known case, but this name seems to have taken a turn for the worse in

Wolfgang Felix15 October 2025ANTOLIN

Altice SFR France - comment

Altice have already rejected the offer. We were initially sceptical when rumours circulated over the summer regarding a potential bid for Altice SFR. However,

Tomás Mannion15 October 2025ALTICE SFR

Ocado - comment

Appointing an executive to push Ocado into non-grocery logistics makes sense as the company courts pharma

Aengus McMahon15 October 2025OCADO

Boparan - comment

We expect the Meals and Bakery business to eventually be sold by Boparan. The rescue of Roberts Bakery by the Boparan Private Office suggests a

Aengus McMahon15 October 2025BOPARAN

Isabel Marant - comment

LLVMH reported 1% organic sales growth in the third quarter, a rebound from previous declines, with its Fashion and Leather Goods division, the largest and

Tomás Mannion15 October 2025ISABEL MARANT

Maxeda Idea Pitch Video Now Available

Maxeda Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Maxeda page.

Wolfgang Felix14 October 2025MAXEDA

Worldline Idea Pitch Video Now Available

Worldline Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Worldline page.

Wolfgang Felix14 October 2025WORLDLINE

PizzaExpress - comment

All is great. The bonds are worth par, and we should refi. Rumours are out that Apollo are bidding for Papa John’s at 13.7x EBITDA. Surely, we don’t have to

Wolfgang Felix14 October 2025PIZZA EXPRESS

Aston Martin – Hands in pockets - Model Update

Please find our updated analysis here.

A profit warning from Aston Martin (AML) opened the week, and a downgrade to CCC+ from S&P closed it. The company will need £200m to £250m in

Aengus McMahon13 October 2025ASTON MARTIN

Maxeda - The Times They Are A-changin' - Model Update - Positioning

Please find our updated analysis here.

The European market feels very soft, and we are not sure a new French PM is immediately going to fix this. It’s raining bonds from the 90s down to

Wolfgang Felix13 October 2025MAXEDA

CPI Property Group - comment

Buying back the Sona stake in CPI FIM SA is rational, as the newly issued Hybrid will receive 50% equity treatment. CPI needs

Aengus McMahon13 October 2025CPI

ASDA - comment

The price cuts were always part of a long-term strategy, so the latest price cuts at ASDA may be a reflection of the overall strategy leading up to

Aengus McMahon13 October 2025ASDA

Worldine Client Call and Presentation are now available on the website

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

Martha Felix10 October 2025WORLDLINE

Morrisons - comment

The new instant delivery service will not significantly impact volumes at Morrisons. Morrisons Now is not intended to replace the weekly shop (online or in-store), but it does

Aengus McMahon10 October 2025MORRISONS