The tensions between the US and Venezuela are hurting Consolidated Energy (CONSEN) bonds. We think the concerns are overdone. Delays in
Read More
We are due to update our Eutelsat and SES models, but yesterday’s Eutelsat Q126 results were largely on target. Within that, however, we are seeing
Read More
Q3 revenues were on target. Management had a useful slide explaining the structure of the overdraft cash pooling / upstream loan - largely in line with
Read MoreThe company is playing for time. Following the publication of a Spanish press article in the summer, conversation surrounding Antolin seems to
Read More
LTM EBITDA of £70m is now significantly ahead of our projections of £60m at the start of the year. Once adjusting for the 14th week, Q225 itself
Read MoreDB/Carronade are holdouts in the Ardagh restructuring with 13% of the PIKs. They have nuisance value as they can prevent Ardagh reaching
Read MoreOriginally due for today, Thames Water has agreed to defer its appeal to the CMA regarding Ofwat’s determined pricing and
Read MoreThe downgrade to CCC+ will restrict some investors; however, the overall impact is small. Management has already highlighted that some
Read More
Atos released very weak revenue figures. However, as the Company does not disclose EBITDA figures, we are unable to verify
Read MoreThe 2028 bondholders have rejected the exchange offer from Victoria Plc, choosing not to accept the distressed offer to uptier the balance. Admittedly, we had
Read More
Having store staff walking about the store filling baskets is the least efficient solution, particularly when it is their second job. In-store picking
Read MoreMobico released a note on its website following the MS conference that management attended. In it, the company restates its
Read MoreIt’s Friday, and the market is not so friendly. Having sent out our IM on APG only yesterday, in which we decided to wait for
Read MoreThe decision to split the Canalejas assets paves the way for OHLA to dispose of its share. We estimate the on-site 4 Seasons Hotel to be worth
Read MoreFlora has extended its revolving credit facility until October 2030. This is subject to the Senior Term Facilities also being extended to
Read MoreIt’s going faster than we thought. As per our previous note, hiring Teneo was never going to be about a routine business forecast. We understand the
Read More
Antolin Idea Pitch video is now live. You can find it on the Sarria website landing page and on the dedicated Antolin page.
Read More